In brief
- Trump Media and Technology Group, in which President Donald Trump is a majority stakeholder, is working with Crypto.com to debut a prediction market.
- Truth Predict, users will allow users to put money on sports games, elections, and other events.
- A Nevada judge this month denied Crypto.com’s injunction request to block state gaming regulations in a regulatory setback for the Singapore-based firm.
U.S. President Donald Trump’s media company will unveil a prediction market with Crypto.com, according to an announcement Tuesday, adding to a growing market fueled by consumers’ desire to bet on events.
Trump Media and Technology Group said that the platform, Truth Predict, will be available to users of Truth Social. Truth Social is the microblogging website President Trump typically uses to make announcements.
The announcement comes after earlier this month a Nevada judge denied Crypto.com’s injunction request to block state gaming regulations—a regulatory setback that the digital asset trading platform looks willing to fight by joining forces with the President Trump-backed behemoth.
“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,” the announcement read.
“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,” it added.
“With more than $3 billion 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.”
Like event-contract platform Kalshi, Truth Predict will let users trade prediction contracts related to major events—such as elections, sport games, or future crypto prices. The market also includes Polymarket, which received a $9 billion valuation earlier this month.
The platform’s Beta testing will start on Truth Social in the “near future,” the announcement continued, followed by a full debut in the United States.
It added that Trump Media plans to introduce the service globally.
Prediction markets have become increasingly popular after crypto-powered Polymarket made headlines during the U.S. presidential election when users bet billions of dollars that Trump would win, forming a consensus ahead of traditional polling.
Trump Media is already working with Crypto.com: In March, it debuted a rewards system across its Truth Social social media network and Truth+ streaming video platform, tapping Crypto.com‘s wallet and using CRO as a utility token.
In a Myriad prediction market, fewer than one in four respondents believe that Polymarket will issue a token this year. Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.
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Source: https://decrypt.co/346398/trump-media-join-crypto-com-prediction-market-push
