CRO Token Soars 30% Following Crypto.com Partnership with Trump Media

The operator of the social media platform Truth Social, Trump Media, has signed a non-binding partnership agreement with the Bitcoin exchange Crypto.com.

The collaboration aims to launch a series of exchange-traded funds (ETFs) under the Truth.Fi brand. These ETFs are expected to include digital assets as well as securities from various American companies, including those in the energy sector.

Crypto.com will provide backend technology and will act as the custodian and supplier of digital assets for the product offerings.

Subject to final agreements and regulatory approvals, the funds could be launched by the end of this year, making them available in the U.S., Europe, and Asia.

Trump Media intends to not only invest in these ETFs but also allocate its resources into individually managed accounts under Truth.Fi. This aligns with the company’s strategy in financial services and fintech. The $250 million earmarked for this program will be managed by Charles Schwab.

The price of the CRO token, linked to Crypto.com’s Cronos blockchain project, surged by 30% in the last 24 hours, trading around $0.1, with intraday highs reaching $0.12.

On March 17, the voting process within the Cronos community concluded regarding the reissue of 70 billion CRO tokens that were «permanently» burned in 2021. As a result, the market supply has returned to the initial figure of 100 billion tokens, marking a 70% increase.

The decision received backing from votes controlled by Crypto.com, despite the majority of users opposing it, as noted by prominent on-chain investigator ZachXBT.

«I’m puzzled as to why Truth Social chose to partner with your exchange rather than Coinbase, Kraken, Gemini, and others after such a move from the team,» the expert questioned.

Meanwhile, a DeFi project affiliated with the family of U.S. President Donald Trump, WLFI, has launched the World Liberty Financial USD (USD1) stablecoin on the BNB Chain, as reported by journalist Colin Wu.

A market maker’s address, Wintermute, interacted with the smart contract, conducting several test transactions. No official statements have been made from either party.

Co-founder of Binance Changpeng Zhao clarified that the contract was deployed around 20 days ago, and USD1 is currently not available for trading.

It’s worth noting that WLFI has completed its second round of token sales, raising a total of $590 million.