Trump Media and Technology Group partners with Crypto.com to offer prediction markets

Trump Media and Technology Group has announced a partnership with crypto exchange Crypto.com that will see it offer prediction markets via its social media platform, Truth Social.

Trump Media and Technology Group is majority owned by the Donald J Trump Revocable Trust.

The deal will see Truth Social become the first social media network to offer users the technology to “access embedded prediction markets capabilities through CDNA [Crypto.com Derivatives North America].”

Users will also be able to trade contracts, offered through CDNA, related to major events and milestones, including political elections, all major sports leagues, and even the price of gold and crude oil.

Calling the product Truth Predict, markets will be updated in real time and be integrated into the Truth Social platform “in the near future,” followed by a launch across the US.

Users on Truth Social who hold ‘Truth gem’ rewards, will be able to convert them to CRO, Crypto.com’s digital currency, and purchase Truth Predict contracts.

Following the announcement of the prediction markets offering, Trump Media and Technology Group’s stock rose by more than 6% on the NASDAQ market.

Devin Nunes, Trump Media and Technology Group CEO and co-founder, said: “We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction market.

“Truth Predict will allow our loyal users to engage in prediction markets with a trusted network while harnessing our social media platform to provide totally unique ways for users to discuss and compare their predictions.

“With more than $3bn in financial assets as of the end of the second quarter, and having posted our first quarter of positive operating cash flow after going public just last year, Trump Media is well positioned to leverage our strong balance sheet and existing social media capabilities to create a new standard for access to prediction market platforms.”

Kris Marszalek, Crypto.com CEO and co-founder, added: “Prediction markets are poised to be a multi-deca-billion dollar industry.

“Crypto.com has quickly become one of the most trusted providers of prediction market services, and we’re thrilled to combine with Truth Social to support the world’s first prediction markets available from a social media platform.

“This aligns perfectly with what users look for in social media – a community to engage with and seek truth. Truth Predict will provide customers with a powerful tool related to market sentiment on an unlimited number of events.

“We are thrilled to integrate Truth Social’s truly pioneering social media platform and technology with our industry-leading technology and regulated prediction market trading.”

Crypto.com launched its sports event trading contracts in the US last December.

It has since filed a federal lawsuit against the Nevada Gaming Control Board claiming the state prevented the platform from offering prediction markets to Nevada-based customers.

Last month, Crypto.com teamed up with Underdog to roll out prediction markets on the DFS operator’s app across 16 states.

Prediction markets rival, Kalshi, appointed Donald Trump Jr as a strategic advisor in January.

Prediction markets has been a hot topic during the past few weeks after the owner of the New York Stock Exchange, Intercontinental Exchange, invested $2bn in Polymarket after it re-entered the US market.

Last week, DraftKings acquired Railbird to launch event contracts in a standalone app – but will not offer sports event contracts.