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| Trump Media & Technology Group and Crypto.com |
Sarasota, FL - In a landmark move, Trump Media & Technology Group Corp. (DJT), the parent company of Truth Social and Truth+, has announced the closure of its purchase agreement with Crypto.com.
The Deal: A 50/50 Cash and Stock Exchange
As part of the agreement, Trump Media will acquire 684.4 million Cronos (CRO) tokens at a price of approximately 15.3 cents per token.
This deal is not just a simple asset acquisition; it's a strategic partnership designed to drive value and utility for both companies.Trump Media will use Crypto.com's institutional-grade custody service to secure its CRO tokens and stake them for revenue generation.
A Pioneering Rewards System 💰
The collaboration includes a mutual cooperation agreement to integrate the CRO token and Crypto.com’s digital wallet infrastructure into Trump Media's platforms. This will pave the way for a pioneering rewards system on Truth Social and Truth+. This system will allow users to convert "gems," earned through platform activities, into CRO and other benefits.
Trump Media CEO and Chairman Devin Nunes emphasised the potential of CRO as a versatile utility token for safe, fast payments. Crypto.com's CEO, Kris Marszalek, echoed this sentiment, calling the partnership the "first of many steps to driving utility and value for CRO."
A New Digital Asset Treasury Company
This partnership is a key component of a broader strategy, which includes the formation of a new entity, Trump Media Group CRO Strategy, Inc. This new company has entered into an agreement with Yorkville Acquisition Corp. (YORK) to become a publicly traded digital asset treasury company focused on acquiring and holding CRO. This venture is expected to acquire an additional 19% of the CRO circulating supply, aiming to become a major holder of the token.
What is Cronos (CRO)?
Cronos is a high-performance, interoperable blockchain designed for speed and scalability. It's built to provide a strong foundation for the future of the digital economy by enabling low-cost, high-speed smart contract deployment. Its Proof of Authority (PoA) consensus mechanism and robust security make it a reliable platform for mission-critical applications.Crypto.com, a long-time supporter of the open-source Cronos blockchain, has already integrated CRO into its offerings, providing users with exposure to the benefits of a secure and regulated blockchain ecosystem.
Source: Truth Social Media Release and Edited by Gemini
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