Strategic partnership integrates CRO token into Truth Social and Truth+ platforms, with Trump Media acquiring 2% of circulating supply.
Trump Media & Technology Group Corp. (TMTG), the company behind Truth Social, announced today it has completed a significant purchase agreement with Crypto.com, a global leader in cryptocurrency services. The deal solidifies a new strategic partnership that will see the integration of the Cronos (CRO) token into TMTG’s platforms.
Under the agreement, Trump Media has acquired 684.4 million CRO tokens, which represent approximately 2% of the token’s current circulating supply. The transaction was structured as a 50% stock, 50% cash exchange. To secure these new assets and generate additional income, Trump Media will use Crypto.com Custody, an institutional-grade custody solution, to stake the tokens for revenue.
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According to a press release, the partnership aims to introduce a pioneering rewards system on Truth Social and Truth+, allowing for the CRO token to be used within the platforms.
“Trump Media is pleased to close this agreement and quickly begin to fulfill our strategic partnership with Crypto.com,” said Devin Nunes, CEO and Chairman of Trump Media. “We’re convinced that CRO has tremendous potential to spread widely as a versatile utility token and a superior form of safe, fast payment and money transfer, and we’re excited to add this innovative asset to our balance sheet.”
Kris Marszalek, Co-Founder and CEO of Crypto.com, echoed this sentiment. “This is the first of many steps to driving utility and value for CRO and the Cronos blockchain,” he said. “We are proud to provide support to Trump Media with our best-in-class custody solution and generate additional value through CRO’s staking model.”
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The deal also precedes the formation of a separate entity, Trump Media Group CRO Strategy, Inc., which has entered into a definitive agreement with a special-purpose acquisition company (SPAC), Yorkville Acquisition Corp. This new company will focus on the acquisition of additional CRO, with a goal to acquire an additional 19% of the circulating supply.
Cronos is described as a high-performance, interoperable blockchain that aims to provide a strong foundation for a future “American digital economy.” With its focus on low-cost, high-speed transactions, it is designed to facilitate widespread adoption of decentralized applications in finance, commerce, and public infrastructure.
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