Trump's Truth Social teases 'utility token' tied to user engagement with streaming subscription
Powered by ChatGPTTruth Social, the social media arm of Trump Media & Technology Group, has teased a utility token it plans to reward users as part of a TV streaming subscription package.
Trump Media has begun beta testing its new "Truth+" subscription, called the "Patriot Package," it announced on Wednesday in a post on the social media platform. The plan, priced at $9.99 per month, offers content from "non-woke" news networks, among other benefits.
"In the near future, based on their level of engagement with the platforms, Patriot Package subscribers will accumulate gems on their Truth Social accounts. These will eventually be tied to a utility token on both Truth Social and Truth+," said Truth Social, without providing details about the utility token.
In April, Trump Media said in a letter to shareholders that it is exploring the possibility of a utility token. "As part of a rewards program, we're exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere," the letter said.
Truth Social has been taking steps to expand its presence in the crypto space. Last month, it applied for a spot bitcoin exchange-traded fund as well as a bitcoin and ether combo ETF.
Earlier this week, it also submitted a registration statement to the U.S. Securities and Exchange Commission for a "Crypto Blue Chip" ETF, which would primarily consist of $BTC, ETH, SOL, XRP, and CRO.