Truth Predict will let users trade on elections, sports, and other events.
Crypto.com’s Cronos (CRO) token jumped 6% to $0.15 on Tuesday after social media firm Truth Social, which is linked to U.S. President Donald Trump, announced it will soon allow users to make predictions and trade contracts on real-world events through a new partnership with the centralized exchange.
The new prediction market feature, called Truth Predict, will allow users to trade on the chances of events like election results, interest rate changes, or sports winners, according to a press release from Crypto.com.
CRO 24-hour price chart. Source: CoinGeckoUsers will also be able to earn “Truth gems” on the platform that they can convert into CRO and use to make bets on future events. Trading will be powered by Crypto.com’s derivatives exchange, which is registered with the U.S. Commodity Futures Trading Commission (CFTC).
The move would make Truth Social the first social media platform to offer access to regulated prediction markets, the release said. It also reflects a broader trend of tech and media companies using blockchain technology to attract and engage users.
Share prices of Truth Social’s parent company, Trump Media & Technology Group (DJT), which is majority-owned by President Trump, also rose 2% to $16.32 on the news. Meanwhile, President Trump’s official memecoin, TRUMP, also rallied on the news, and is now up over 14% on the day, following yesterday’s surge.
As The Defiant reported in August, Crypto.com and Trump Media previously entered into a strategic partnership, which at the time included plans to launch a CRO-based rewards program.
“We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets,” said Devin Nunes, Chairman and CEO of Trump Media, in today’s release, adding:
“Truth Predict will allow our loyal users to engage in prediction markets with a trusted network while harnessing our social media platform to provide totally unique ways for users to discuss and compare their predictions.”
The partnership comes as interest in prediction markets grows, with Polymarket preparing for its return to U.S. markets, and Kalshi growing its crypto footprint.
Source: https://thedefiant.io/news/cefi/truth-social-cryptocom-announce-prediction-market
