Trump Media signs mutual cooperation, purchase agreements with Crypto.com

Trump Media and Technology Group (DJT) has signed a mutual cooperation agreement and a purchase agreement creating a strategic partnership with Crypto.com. According to the mutual cooperation agreement, Trump Media will introduce a rewards system on the Truth Social and Truth+ platforms that uses the Crypto.com digital wallet infrastructure and that adopts the Cronos (CRO) digital currency as a utility token. The company said, “Cronos is a high performance, interoperable blockchain designed for speed, scalability, and seamless connectivity between networks, making it a strong foundation for the future American digital economy. It enables low-cost, high-speed smart contract deployment and smooth integration with other major blockchain ecosystems, unlocking widescale adoption of decentralized applications in finance, commerce, and public infrastructure, without the congestion or costs of legacy networks. With its proof-of-authority consensus, robust validator set, and enterprise-grade security, Cronos delivers the performance and reliability needed to power mission-critical applications at scale. Crypto.com is a long-time supporter of the open-source Cronos blockchain project, and has incorporated the CRO token and the Cronos protocol into various offerings provided to its customer base to provide exposure to blockchains and the benefits in how they operate in a safe, secure, and regulated environment.” The Trump Media-Crypto.com mutual cooperation agreement provides for the following: Trump Media will integrate the CRO token on its Truth Social and Truth+ platforms. In a pioneering initiative, the company will partner with Crypto.com to create an updated rewards system and allow Truth Social and Truth+ users to use Crypto.com’s digital wallet infrastructure to convert gems, earned for participating in various activities across the platforms, into CRO and other benefits. Crypto.com will provide digital wallet infrastructure that will anchor the Truth Social rewards program. Further planned partnership synergies include providing Truth users the ability to pay for subscriptions and services with their Crypto.com CRO balance, and providing free or discounted Truth+ subscriptions for users who open a Crypto.com account. Both companies will co-market the Truth+ platform and the Crypto.com wallet. The companies’ purchase agreement establishes the following: Trump Media will purchase approximately $105M in CRO for its balance sheet and Crypto.com will purchase $50M in shares of common stock in Trump Media, both subject to a lockup period. Trump Media will secure its CRO with Crypto.com Custody service, which will enable Trump Media to stake it for additional revenue generation. This Trump Media-Crypto.com strategic partnership follows the announcement of a newly formed entity, Trump Media Group CRO Strategy, Inc., which has entered into a definitive agreement for a business combination with Yorkville Acquisition Corp (YORK) to form a digital asset treasury company focused on acquisition of CRO.