Catenaa, Friday, November 29, 2024 –Trump Media and Technology Group (TMTG), the company behind the social media platform Truth Social, has applied for a trademark to establish a digital currency service named TruthFi.
According to a recent New York Times report, TMTG filed for the trademark on November 18, signaling plans to create digital wallet software.
The application describes TruthFi as “downloadable computer software” for use as a digital wallet, potentially offering services like crypto payments, digital asset trading, financial management, and card payment processing.
The move comes as TMTG aims to expand its operations beyond Truth Social and address rumors of financial struggles.
In August, the company reported a $16 million loss in the second quarter of 2024, generating less than $1 million in revenue.
President-elect Donald Trump, the majority shareholder, dismissed rumors of financial instability and vowed not to sell his shares despite the expiration of a lockup period in September.
Meanwhile, Trump-backed crypto project World Liberty Financial (WLF) has also seen sluggish token sales. WLFI tokens have fallen short of revised targets, selling only $5.74 million worth since launch.
Despite Trump’s electoral victory and a broader crypto market surge, demand for WLFI remains weak.
