A social media firm owned by President-elect Donald Trump appears to be interested in wading into the crypto payments business.
Last week, Trump Media & Technology Group Corp., which operates the Twitter-inspired platform Truth Social, filed a trademark application with the U.S. Patent and Trademark Office (USPTO) for the name “TRUTHFI.”
The application, which was accepted by the USPTO but hasn’t been assigned to an examiner yet, lists several services for TRUTHFI, including crypto wallet software, crypto payment processing, digital asset trading, and financial asset management, among others.
The Financial Times, citing “two people with knowledge of the talks,” reported last week that Trump Media & Technology Group was in the advanced stage of discussions regarding an acquisition of Bakkt, a crypto trading and custody firm backed by Intercontinental Exchange Inc.
Bakkt’s crypto custody business, which has struggled to gain a foothold, was reportedly left out of the talks and is likely to be wound down.
Trump Media & Technology Group’s reported interest in potentially acquiring a crypto firm comes just months after the US President-elect launched the decentralized finance (DeFi) project World Liberty Financial.
After expressing skepticism about Bitcoin (BTC) and crypto during his previous presidential term, Trump spent the year leading up to October’s election promising to protect and grow the digital asset sector.
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