President Donald Trump’s social media platform, Truth Social, is set to become the first social media company to introduce prediction markets, thanks to a new partnership with crypto exchange Crypto.com.
Truth Social Introduces ‘Truth Predict’
According to a Tuesday press release, Truth Social users will have the opportunity to engage in prediction markets concerning a wide range of topics, including political elections, fluctuations in interest and inflation rates, commodity prices such as gold and crude oil, and events across major sports leagues.
The new feature, called “Truth Predict,” provides real-time price updates. This will allow users to respond quickly to current events, similar to Kalshi and Polymarket. The latter is poised to re-enter the US market after receiving regulatory approval.
Devin Nunes, Chairman and chief executive officer of Trump Media, expressed enthusiasm about this new collaboration, stating:
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 empower our dedicated users to participate in prediction markets within a trusted framework, leveraging our social media platform to create unique avenues for discussion and comparison of their predictions.
Trump Media’s Plan For A New CRO Treasury
The event contracts will be provided through CDNA, which ensures a federally compliant method for accessing event contracts and making predictions related to politics, economics, finances, and sports, all integrated with Truth Social’s technology.
Kris Marszalek, Co-Founder and chief executive officer of Crypto.com, highlighted the potential of prediction markets, stating:
Prediction markets are poised to become a multi-deca-billion dollar industry. Crypto.com has rapidly established itself as a trusted provider of prediction market services, and we are excited to collaborate with Truth Social to deliver the world’s first prediction markets accessible through a social media platform.
Beta testing for this integration is expected to commence soon on Truth Social, followed by a full launch in the United States. Trump Media plans to expand the service globally once all necessary requirements are fulfilled.
In line with this initiative, users of Truth Social and the Truth+ platform who hold Truth gems—earned through engagement on the platforms—will have the option to convert their gems into Crypto.Com’s native token Cronos (CRO), which can then be used to purchase Truth Predict contracts.
This collaboration between Trump Media and Crypto.com builds on a recently established strategic partnership to introduce a CRO rewards system across the Truth Social and Truth+ platforms.
Additionally, Trump Media Group is set to establish a new CRO-focused digital asset treasury (DAT), following a definitive agreement for a proposed business combination with Yorkville Acquisition Corp, a special-purpose acquisition company (SPAC).
Featured image from DALL-E, chart from TradingView.com