Truth Social, the social media platform owned by Trump Media & Technology Group, is going deeper into crypto. On Wednesday, the platform teased a new “utility token” to reward subscribers of its upcoming streaming service.
The subscription, called the “Patriot Package,” is currently in beta and priced at $9.99 per month. It includes content from so-called “non-woke” media networks. As revealed by Truth Social, the subscribers will earn “gems” based on their activity, which will eventually link to the token across Truth Social and Truth+.
The token project appears to be part of a broader Web3 strategy. In an April letter to shareholders, Trump Media outlined plans for a Truth Wallet. This digital wallet would allow users to pay for subscriptions using the token. Later, it might support other products within the Truth ecosystem. Hence, the company is positioning this token as a key rewards tool, possibly tied to user engagement and purchases.
Expanding Crypto Footprint
Moreover, Truth Social is expanding into crypto finance. Last month, the company applied for a spot Bitcoin ETF and a Bitcoin-Ethereum combo ETF. Earlier this week, it also filed a registration for a “Crypto Blue Chip” ETF, as reported by CNBC. This new fund would focus on major tokens like BTC, ETH, SOL, XRP, and CRO.
Besides that, Donald Trump and Melania have remained active in crypto. The two promoted NFTs and meme coins, including hosting private events for TRUMP token holders. These moves triggered public criticism and financial watchdogs labeled them as ethically questionable, especially with Trump being the president.
Recently, Senator Warren has been requesting tougher regulations to prevent presidential families from cashing in on crypto. Senator John Kennedy and other Republicans also expressed doubts during a recent Senate hearing. Kennedy wondered if the crypto industry should be the one to set its own rules, voicing the concern that the oversight would be weak.
Also Read: Tron Founder Justin Sun Plans to Buy $100 Million of TRUMP Meme Coin
