Trump Media Acquires 684 Million CRO Tokens

Trump Media acquired 684 million CRO tokens in a deal with Crypto.com.

Trump Media & Technology Group (TMTG), the parent company of former U.S. President Donald Trump’s social network Truth Social, acquired 684.4 million Cronos (CRO) tokens as part of an agreement with the cryptocurrency exchange Crypto.com.

The purchase price was approximately $0.15. TMTG paid 50% in shares and 50% in cash. At the time of writing, CRO is trading at $0.27, having increased by 4% over the past day (CoinGecko).

The tokens represent approximately 2% of the total supply and are an addition to the 19% issuance that Trump Media Group CRO Strategy is set to acquire. The partners announced the creation of this digital asset management structure focused on accumulating CRO in August.

Crypto.com will provide custody solutions for the tokens, and the company will earn income from staking CRO.

TMTG is expected to integrate the asset into Truth Social and the streaming service Truth+ to implement a rewards system.

“We are convinced that CRO has enormous potential for widespread adoption as a universal utility token and an excellent form of secure and fast payments and money transfers, and we are excited to add this innovative asset to our balance sheet,” said TMTG CEO Devin Nunes.

Back in September, exchange trading began for the WLFI token from the DeFi project of the Trump family, World Liberty Financial. The asset’s market capitalization at one point reached $8.3 billion.