Truth Social to launch utility token, expanding Trump’s crypto legacy

Truth Social, the social media platform founded by US President Donald Trump, announced on Thursday that it is launching a utility token for its new Patriot Package loyalty rewards program. According to an official announcement posted on Truth Social, users who subscribe to the $9.99 per month Patriot Package will access ultra-fast streaming of selected “non-woke” news channels, a red verification checkmark, improved comment visibility, and access to a Truth+ badge. Patriot package subscribers to earn tokens through rewards program Per Truth Social’s post, the loyalty package subscribers will be eligible to participate in a beta test that allows them to accumulate digital “gems” through platform engagement. The gems will eventually be tied to a utility token usable across Truth Social and its affiliated Truth+ media service. Truth social token announcement. Source: Truth Social Though still in beta, the company asserted that under the Patriot Package, the more active a user is on the platform, the more future tokens they will accrue. Oddly, despite its $9.99 monthly cost, the Patriot Package has fewer news channels than the platform’s free tier. The premium service includes 12 curated channels, while the no-cost plan includes 27, among them international broadcasters such as Euronews and a Spanish-language outlet. Truth social files for crypto ETF A fortnight before this token teaser, Truth Social had also filed an S-1 registration with the US Securities and Exchange Commission (SEC) for a new crypto exchange-traded fund, dubbed the “Truth Social Crypto Blue Chip ETF.” The filing proposes that the ETF’s assets will list Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cronos (CRO). The preliminary allocation breakdown lists 70% in Bitcoin, 15% in Ethereum, 8% in Solana, 5% in Cronos, and 2% in Ripple. According to the prospectus, Yorkville America Digital is listed as the fund’s sponsor, while Foris DAX Trust Company will become the custodian of the digital assets. The ETF, if approved, is set to be offered on the New York Stock Exchange Arca. This application follows two prior filings by Truth Social, one for a standalone Bitcoin ETF in June and another combining both Bitcoin and Ethereum. Trump media’s previous crypto plans Trump Media & Technology Group (TMTG), Truth Social’s parent company, has been involved in several blockchain-based initiatives since Donald Trump returned to the Oval Office in January. In April, TMTG disclosed to shareholders that it was considering a utility token as part of a digital wallet solution. The wallet would allow users to pay for Truth+ subscriptions and other services within the Truth ecosystem. In May, the company denied the “unauthorized and misleading” rumors that it planned to launch a Truth Social-themed meme coin. Earlier in the year, Trump Media signed a binding agreement with exchange giant Crypto.com and asset management firm Yorkville America Digital to roll out several crypto-based ETFs under a “Made in America” branding umbrella. Trump’s financial ties to crypto continue Donald Trump and his family have formed a number of financial relationships in the crypto world, including one with Dubai-based Aqua 1 Foundation in June. Aqua 1 pledged a $100 million investment in World Liberty Financial (WLFI), a Web 3 firm tied to both Trump and real estate developer Steve Witkoff, the Middle East diplomatic envoy of the Trump administration. Under the agreement, Aqua 1 acquired $100 million worth of WLFI tokens. According to publicly disclosed terms, Trump personally receives 75% of all WLFI token sales, which could net him $75 million in revenue. The foundation was virtually unknown prior to the transaction, but now ranks among the largest contributors to Trump’s crypto-linked enterprises. Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites

Source: Cryptopolitan