Trump Media to launch prediction markets with Crypto.com
The company plans to introduce prediction markets on its social media platform Truth Social.
US.- Trump Media and Technology Group plans to introduce prediction markets on its social media platform Truth Social through a partnership with Crypto.com. It will enable users to trade prediction contracts related to events such as political elections, interest and inflation rate changes, commodity prices on gold and crude oil and events across major sports leagues using Truth Predict.
The integration will begin beta testing soon before a full US launch. The company said it plans to launch the service globally.
Devin Nunes, chairman and CEO of Trump Media, said: “We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets. 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. For too long, global elites have closely controlled these markets – with Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight.”
Kris Marszalek, co-founder and CEO of Crypto.com, 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 is registered with the Commodity Futures Trading Commission (CFTC) but has seen various controversies, including a legal dispute with the state of Nevada, where it has been told to stop offering markets on sports events from November 3.
Recently, DraftKings announced the acquisition of Railbird Technologies and its subsidiary Railbird Exchange to enter into the prediction markets space. It plans to launch DraftKings Predictions, a mobile app that will allow customers to trade regulated event contracts on real-world outcomes across finance, culture, and entertainment.
