Key takeaways
- Trump Media launches Truth Predict, a real-time event trading feature on Truth Social through a partnership with Crypto.com Derivatives North America.
- Truth Social users can trade on major events and convert in-app Truth gems to CRO digital currency for use in prediction contracts.
Share this article
Trump Media & Technology Group, owner of Truth Social, revealed an exclusive deal with Crypto.com to introduce event-based prediction markets to the platform, the companies announcement Tuesday.
Powered by new technology called Truth Predict, the integration will allow users to trade on various real-world topics such as political races and sporting events, making Truth Social the first social media network to integrate trading features directly into its ecosystem.
“Truth Predict will allow our loyal users to engage in prediction markets with a trusted network while leveraging our social media platform to provide completely unique ways for users to discuss and compare their predictions,” said Devin Nunes, president and CEO of Trump Media, adding that Trump Media’s strong financial position and $3 billion balance sheet would help setting a new standard for open, public-driven forecasting.
The team plans to begin beta testing on Social Truth soon. Following the Truth Predict beta, the next step will be a launch in the United States and subsequent global expansion, pending regulatory approval.
According to the press release, Truth Social and Truth+ users will be able to convert Truth Gems, earned through platform activity, into Cronos (CRO) tokens, which can then be used to purchase prediction contracts.
“Prediction markets are poised to become a multi-tens of billions of dollars industry,” said Kris Marszalek, CEO of Crypto.com. The exchange co-founder noted that the partnership with Truth Social combines Crypto.com’s infrastructure with Truth Social’s interactive platform to provide real-time insight into global events and trends.
Trump Media Group recently announced a strategy with Crypto.com to acquire $6.4 billion in CRO tokens to establish a digital asset. cash flow.
