Summary
President Donald Trump's media company, Trump Media and Technology Group, announced it will give a new cryptocurrency to its shareholders. Shareholders will receive one token per share and the distribution will happen through a partnership with the Crypto.com exchange. The company has expanded into the cryptocurrency field alongside other areas like artificial intelligence and financial services.
Key Facts
- Trump Media and Technology Group is behind President Trump's Truth Social platform.
- The new cryptocurrency will be given to shareholders, one token for each share.
- Trump Media partnered with Crypto.com to distribute the tokens on the Cronos blockchain.
- Devin Nunes, CEO of Trump Media, stated the tokens aim to reward shareholders and encourage fair markets.
- The company plans to offer "various rewards" for token holders, potentially including discounts on products.
- Trump Media shares increased following the announcement but have dropped over 60% this year.
- President Trump advocates for looser regulations on the crypto market and signed significant crypto legislation.
- Trump's previous cryptocurrency projects have seen mixed financial success.
