President-elect Donald Trump’s social media company revealed possible ambitions for a cryptocurrency trading and payment service in a new trademark filing for “TruthFi.”
According to a Nov. 18 filing with the United States Patent and Trademark Office (USPTO), Trump Media is seeking a trademark for computer software for use as a digital wallet, payment processing for crypto, fiat and trading in digital assets.
Other parts of the filing mention market analysis data and statistics for financial research, plus financial custody services, specifically, “maintaining possession of financial assets for others for financial management purposes.”
Trump Media and Technology Group filed for the trademark on Nov. 18, but approval could be over a year away. Source: United States Patent and Trademark Office
Josh Gerben, a trademark attorney with Gerben Intellectual Property also shared a summary of the filing in a Nov. 21 post to X, speculating it shows TMTG has plans for a crypto platform.
“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer digital wallets, cryptocurrency payment processing services, and a digital asset trading platform,” Gerben said.
Source: Josh Gerben
It’s unclear how far along TMTG, in which Trump has a majority 53% stake, is in its crypto ambitions. Its primary function to date has been operating the social media platform Truth Social.
The USPTO website indicates it is currently examining applications submitted between April 17 and May 1.
The agency has flagged that registering a new trademark could take 12-18 months at least, with possible delays because of the “complex procedure.”
Cointelegraph asked Trump Media and Technology Group for comment, but had not received any by the time of writing.
Trump-backed companies continue to make inroads into crypto
On Nov. 18, a Financial Times report claimed TMTG was reportedly in advanced talks for an all-share purchase of crypto exchange Bakkt, owned by Intercontinental Exchange.
If the deal goes ahead, it would be another step by Trump-backed businesses trying to make inroads into the crypto space.
Trump family decentralized finance (DeFi) platform World Liberty Financial launched on Sept. 16. However, a subsequent token launch failed to live up to expectations, with just over 3.4% of its $300 million reached.
Related: Trump family’s DeFi project wants to ‘ensure US dollar dominance’
The incoming president has also licensed his image to several non-fungible tokens (NFT) collections as well.
Crypto markets have surged since Trump’s election win earlier this month, with Bitcoin (BTC) climbing over $98,000 and closing in on the significant milestone of $100,000.
Trump’s campaign made more than a few pro-crypto pledges, including ending regulatory hostility toward the crypto industry and amassing a strategic Bitcoin stockpile.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex