Key Takeaways
Trump Media is launching Truth Predict, a real-time event trading feature on Truth Social via a partnership with Crypto.com Derivatives North America.
Truth Social users can trade on major events and convert in-app Truth gems to CRO digital currency for use in prediction contracts.
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Trump Media & Technology Group, which owns Truth Social, revealed an exclusive deal with Crypto.com to introduce event-based prediction markets on the platform, the companies announced Tuesday.
Powered by new technology called Truth Predict, the integration will let users trade on various real-world topics such as political races and sporting events, making Truth Social the first social media network to integrate trading functionality directly into its ecosystem.
“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,” said Devin Nunes, Chairman and CEO of Trump Media, adding that Trump Media’s strong financial position and $3 billion balance sheet would help build a new standard for open, crowd-driven forecasting.
The team plans to begin beta testing on Truth Social soon. Following the Truth Predict beta, the next milestone will be a US launch and subsequent global expansion, pending regulatory approval.
According to the release, Truth Social and Truth+ users will be able to convert Truth Gems, earned through platform activity, into Cronos (CRO) tokens, which can then be used to purchase prediction contracts.
“Prediction markets are poised to be a multi-deca-billion dollar industry,” said Kris Marszalek, CEO of Crypto.com. The exchange’s co-founder noted that the tie-up with Truth Social combines Crypto.com’s infrastructure with Truth Social’s interactive platform to deliver real-time insight into global events and trends.
Trump Media Group recently announced a strategy with Crypto.com to acquire $6.4 billion in CRO tokens to establish a digital asset treasury.
