Trump Media and Crypto.com sign $155 million strategic agreement

PANews reported on August 26th, according to Blockworks, that Trump Media Technology Group (TMTG) announced a strategic partnership with Crypto.com through a parallel cooperation and purchase agreement. As part of the deal, Trump Media will adopt Crypto.com's wallet system to support an updated in-app rewards program. Users can redeem earned "gems" for Cronos (CRO), a token tied to Crypto.com, and use their CRO balance to pay for subscriptions. Opening a Crypto.com account also includes a free or discounted subscription to Truth+. Trump Media subscribed to approximately $105 million worth of CRO, equivalent to approximately 685 million tokens, which will be held in custody and staked by Crypto.com. In return, Crypto.com invested $50 million in Trump Media common stock. Both positions have lock-up periods.

Earlier today, it was reported that Trump Media and Technology Group will establish a new company to deploy the CRO treasury strategy, with an expected total funding of US$6.42 billion ; Trump Media will launch a reward system on the TRUTH SOCIAL and TRUTH+ platforms, using CRO as the utility token .