Trump Media & Technology Group (NASDAQ:DJT) has announced plans to introduce a prediction market feature called Truth Predict for its social media platform, Truth Social, in collaboration with the cryptocurrency exchange, Crypto.com. This initiative will allow users to place bets on various outcomes, including elections and sports events, directly through the app.
Devin Nunes, Chairman of Trump Media, emphasized that the feature aims to democratize information and empower everyday Americans. He stated, “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.”
Truth Predict event contracts will be offered through Crypto.com Derivatives North America, which is registered with the Commodity Futures Trading Commission. Users will need to utilize Crypto.com’s native token, CRO, to trade these contracts, and they can convert Truth Social’s in-app loyalty tokens, known as Truth gems, into CRO for this purpose.
Following the announcement, CRO experienced a brief surge, climbing approximately 6%, but later retraced to just below $0.15. Trump Media indicated that beta testing for Truth Predict would commence soon, with a full rollout in the U.S. expected shortly thereafter. The feature will eventually be made available to users worldwide, pending compliance with global regulations.
This new offering builds on the existing partnership between Trump Media and Crypto.com, which already sees CRO functioning as a utility token on Truth Social and its associated video streaming platform, Truth+. Furthermore, the two organizations have collaborated to establish a CRO treasury company.
Prediction markets gained significant traction during the previous presidential election, drawing billions in bets. The trend has continued, with leading platforms such as Polymarket and Kalshi reporting a record combined monthly volume of $1.44 billion last month. Notably, Donald Trump Jr. acts as an adviser for both Polymarket and Kalshi, with investments from 1789 Capital, a firm he backs. Truth Predict is poised to place the Trump family in competition with these established platforms, marking a significant move within the burgeoning prediction market landscape.
