Donald Trump’s Truth Social is set to be the first social media platform to provide users access to prediction markets, which enable contract trades based on future events (sports, business trends, etc.). The platform will accomplish this through a partnership with a cryptocurrency exchange.
Trump Media and Technology Group Corp., which owns Truth Social, announced a new partnership Tuesday via press release with Crypto.com | Derivatives North America (CDNA), “a CFTC-registered exchange and clearinghouse.” The move marks yet another effort from a Donald Trump-affiliated entity to push for technological innovation and the normalization of cryptocurrency. The company also stated that this move is meant to bolster free speech.
Devin Nunes, chairman and CEO of Trump Media, proudly declared, “We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets.” According to the official press release:
Truth Social users will be able to trade prediction contracts related to major events and milestones, such as political elections, interest and inflation rate changes, commodity prices on gold and crude oil, events across all major sports leagues, and more using the new product technology called “Truth Predict.” Prices will update in real-time, allowing users to react instantly to developments in major current events… The event contracts will be offered via CDNA, with the integration providing a federally compliant way to access CDNA event contracts and make predictions on the outcomes of events
The new feature will soon launch as a beta test on Truth Social.
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Nunes emphasized, “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. 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.”
Kris Marszalek, the co-founder and CEO of Crypto.com, also celebrated the partnership. “Prediction markets are poised to be a multi-deca-billion dollar industry,” she enthused.
Now, Truth Social is entering that industry. Marszalek emphasized, “Crypto.com has quickly become one of the most trusted providers of prediction market services, and we’re thrilled to combine with Truth Social to support the world’s first prediction markets available from a social media platform. This aligns perfectly with what users look for in social media - a community to engage with and seek truth. Truth Predict will provide customers with a powerful tool related to market sentiment on an unlimited number of events. We are thrilled to integrate Truth Social’s truly pioneering social media platform and technology with our industry-leading technology and regulated prediction market trading.”
This could be a major shift for Truth Social’s financial success and user appeal. As Nunes put it, “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.”
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