President Donald Trump is about to become even busier, as his technology and media business is going to be offering event contracts through his social media platform via Crypto.com. BonusFinder, an online casinos comparison site, goes on to detail all you need to know about this deal.
Plans have been recently announced by Trump Media and Technology Group, which will see the Trump media brand, Truth Social, secure event contracts through a partnership with Crypto.com.
Elsewhere, Truth Predict – the prediction market – will be offering sporting events contracts, alongside the politics and economy contracts that Truth Social will be operating.
Trump Media CEO Devin Nunes said: “We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets.
“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.”
Truth Predict will be launched on a roll-out basis in the coming weeks, although this will just be a beta-testing phase.
Following this, it will be launched across all 50 states in the USA.
Trump Media and Crypto.com continue business partnership
Trump Media and Crypto.com announced a partnership back in August in order to deliver a rewards system which leverages digital currency.
That deal allowed Truth Social’s reward system to utilize Crypto.com’s digital wallet infrastructure, making for a smoother user experience.
Furthermore, this collaboration not only enables Truth Social users to convert their rewards currency into Cronos digital currency, but the Trump-operated company will allow their users to use the Crypto.com currency to trade event contracts.
This, however, will require Trump Media to purchase a staggering $105m shares in Cronos.
Additionally, Crypto.com is obligated to purchase $50m in Trump Media stock as part of this ever-growing partnership.
“Prediction markets are poised to be a multi-deca-billion dollar industry“, said Crypto.com CEO Kris Marszalek.
“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.”
While Crypto.com is aiming to further expand following this partnership with Trump Media, it appears as though Nevada won’t be getting the benefits.
Indeed, the company is planning to stop offering certain products – primarily event based contracts – in the Silver State.
Crypto vs the gambling industry
Crypto and gambling have had a precarious relationship in recent years, and Crypto.com have had their issues too. The Nevada Gaming Control Board sent a cease and desist letter to Crypto.com earlier this year after classifying event contracts as wagering under state law, despite Crypto.com claiming they fall under federal derivatives rules.
They did sue the regulator while also requesting a preliminary injunction in a bid to keep the sports contracts online.
This was denied by Judge Andrew Gordon, with Crypto.com failing to get an injunction. As such, Nevada won’t be offered sports contracts for the foreseeable future.
