Massive Adoption News From Trump’s Truth Social Sends CRO Soaring 20%
Truth Social and the company behind it, Trump Media and Technology Group Corp, announced massive adoption news for the CRO token on two fronts.
The entity linked to the current US President said it will purchase around 2% of the entire token supply by spending around $105 million for 685,427,004 CRO.
The first press release informs that the Truth Social and Truth+ platforms will introduce a rewards system for their users that will utilize the crypto.com digital wallet infrastructure and adopt CRO as a utility token.
Both sides have doubled down on their joint collaborations after partnering to provide ETFs earlier this year. Moreover, the two parties plan to expand their partnerships:
The news that Trump Media will acquire almost 700,000,000 tokens sent the underlying asset flying. CRO traded around $0.15 after the most recent market-wide pullback before it skyrocketed to its highest level this year of just over $0.21. It has retraced slightly since then but still stands close to $0.19.
CROUSD. Source: TradingView
In a separate PR, though, both parties announced the creation of Trump Media Group CRO Strategy, Inc., which will serve as a digital asset treasury firm “focused on acquisition of the native cryptocurrency token of the Cronos ecosystem.”
It will be majority-owned by Yorkville, Trump Media, and crypto.com and will purchase roughly 19% of the entire CRO supply ($1 billion worth of the asset).
The post Massive Adoption News From Trump’s Truth Social Sends CRO Soaring 20% appeared first on CryptoPotato.
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