Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
SARASOTA, Fla. - Trump Media and Technology Group Corp. (NASDAQ, NYSE Texas:DJT) announced Tuesday it has signed agreements with Crypto.com to integrate the Cronos (CRO) cryptocurrency and digital wallet infrastructure across its platforms.
Under the partnership, Trump Media will implement a rewards system on its Truth Social and Truth+ platforms using Crypto.com’s digital wallet infrastructure and adopt the CRO token as a utility token. The system will allow users to convert "gems" earned through platform activities into CRO and other benefits.
The agreement includes Trump Media’s purchase of approximately $105 million in CRO tokens (685,427,004 CRO), representing about 2% of the total CRO market cap. Crypto.com will purchase $50 million in Trump Media common stock, with both investments subject to a lockup period.
"After reopening the internet with a free-speech social media platform and building an uncancellable TV streaming service, Trump Media is partnering with the namesake of its industry, Crypto.com, to help make Cronos the utility token of choice around the globe," said Trump Media CEO and Chairman Devin Nunes in the press release.
The partnership will also enable Truth users to pay for subscriptions and services with their Crypto.com CRO balance and provide free or discounted Truth+ subscriptions for users who open a Crypto.com account.
Kris Marszalek, Crypto.com Co-Founder and CEO, called the integration "a historic moment for the Cronos blockchain" in the announcement.
This partnership follows Trump Media’s recent formation of Trump Media Group CRO Strategy, Inc., which has entered into an agreement for a business combination with Yorkville Acquisition Corp (NASDAQ:YORK). According to InvestingPro data, Yorkville currently maintains a market capitalization of $257.27 million and trades near its 52-week low of $10.36. The company’s financial health score indicates potential challenges ahead, with technical indicators suggesting overbought conditions.
The companies did not specify when the integration would be completed. For deeper insights into Yorkville’s financial metrics and additional analysis, including exclusive ProTips and detailed valuation models, visit InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.