Trump Media is trademarking “TruthFi” to provide cryptographic services

The organization that operates the social networking platform Truth Social has trademarked the name “TruthFi” in anticipation of creating a digital currency payment service.

Trump Media and Technology Group (TMTG) is primarily owned by US President-elect Donald Trump, who pledged to support cryptocurrency adoption during his presidential campaign.

Trump Media to expand business with digital portfolio software

According to a recent New York Times report, TMTG plans to create a digital and crypto wallet service pending approval of its trademark application. Details from the Nov. 18 filing show the company is developing a platform called TruthFi, described as “downloadable computer software” that will ostensibly be used as a digital wallet.

The application documents have little or no information on how the project would work or when it would be launched. However, the services mentioned in the presentation include crypto payments, financial asset management, digital asset trading and card payment processing.

TMTG may be looking to expand its operations beyond Truth Social, a social media network that has been living off Trump’s connection with his followers. The entity is trying to avoid rumors generated by a Washington Post article in September that it is in financial trouble.

In August, the company announced that it had lost more than $16 million in the second quarter of 2024 and made less than $1 million in revenue.

President-elect Trump, Truth Social’s majority shareholder, was initially unable to sell his 114 million shares due to a lock-up deal that began when TMTG went public in March of this year through a fusion

Although the lock-up period expired at the end of September, Trump posted on the social media platform that he would not be selling any shares and called on relevant authorities to investigate those spreading the rumours.

Trump Media shares rose nearly 2% to $30.65 after the trademark filing, boosting the company’s current value to $6.5 billion.

WLFI tokens are still not meeting sales targets

Elsewhere, token sales belonging to another Trump crypto project, World Liberty Financial (WLF), are still in low demand. The token, WLFI, is 32% behind its revised sales target, having sold a meager 1.35 billion tokens, or 2% of its initial target.

Although the WLF development team had promised to sell around 63 billion tokens to the public, poor performance forced them to lower the target to 35 billion.

The team later further reduced the target to 20 billion, and the project’s latest filing with the Securities and Exchange Commission (SEC) showed the number further reduced to 2 billion.

Demand for WLFI has been slow since launch, with data from a Dune analytics dashboard showing that just five addresses account for nearly 25% of total token sales.

Even with Trump’s victory in the November election, only $5.74 million in WLFI tokens have been sold.

This could be a concern for investors, as the win has had a positive impact on the broader crypto market, sparking a surge in flows that have culminated in new all-time highs for several cryptocurrencies, including Bitcoin and Solana.

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