KEY FACT: Trump Media and Technology Group (TMTG), the company behind Truth Social, has filed a trademark application for "TruthFi," signaling plans to enter the cryptocurrency sector. The application outlines services such as digital wallets, cryptocurrency payment processing, digital asset trading platforms, financial research, and custody services. Trademark attorney Josh Gerben highlighted these developments, noting the potential long approval timeline by the U.S. Patent and Trademark Office. TMTG is ready to establish a significant presence in the crypto industry.
Source: JoshGerben/X
Trump Media Crypto Trading, Payments in TruthFi Trademark Filing
Trump Media and Technology Group (TMTG), the company behind the social media platform Truth Social, has signaled potential expansion into the cryptocurrency sector with a recent trademark application for "TruthFi." Filed on November 18 with the United States Patent and Trademark Office (USPTO), the application outlines plans for a suite of financial services, including digital wallets, cryptocurrency payment processing, and digital asset trading platforms.
US Serial Number: 98859006
Application Filing Date: Nov. 18, 2024
Register: Principal
Mark Type: Trademark, Service Mark
TM5 Common Status Descriptor: TM5 Common Status image
LIVE/APPLICATION/Awaiting Examination
The trademark application has been accepted by the Office (has met the minimum filing requirements) and has not yet been assigned to an examiner.
Status: New application awaiting assignment to an examining attorney. See current trademark processing wait times for more information.
Status Date: Nov. 18, 2024
Source
The trademark filing details TMTG's intention to develop computer software designed as a digital wallet, facilitating payment processing for both cryptocurrencies and fiat currencies and enabling trading in digital assets. Additionally, the application mentions services related to market analysis data, financial research statistics, and financial custody services aimed at maintaining possession of monetary assets for others for financial management purposes.
Trademark attorney Josh Gerben also shared highlighted the filing in a November 21 post on his X (formerly Twitter) handle, suggesting that TMTG's application indicates plans to offer digital wallets, cryptocurrency payment processing services, and a digital asset trading platform.
Trump Media has filed a new trademark application for:
"TruthFI"
The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer:
Digital wallets
Cryptocurrency payment processing services
A digital asset trading platform
#Trump #TruthSocial
Source/X platform
The United States Patent and Trademark Office (USPTO) is examining applications submitted between April 17 and May 1, indicating that the approval process for TMTG's trademark could extend over a year, given the agency's typical processing times and the complexity of such applications.
This development syncs with recent reports suggesting that TMTG is in advanced discussions to acquire the cryptocurrency exchange Bakkt, owned by Intercontinental Exchange. If finalized, this acquisition would mark a significant step in TMTG's efforts to establish a foothold in the cryptocurrency industry.
Meanwhile, the Trump family's engagement with the crypto space has been notable. On September 16, they launched World Liberty Financial, a decentralized finance (DeFi) platform. However, the subsequent token launch did not meet expectations, achieving just over 3.4% of its $300 million target. Additionally, the incoming president has licensed his image to several non-fungible tokens (NFT) collections, further indicating an interest in digital assets.
TMTG's filing for the trademark on Nov. 18. Source: United States Patent and Trademark Office
The cryptocurrency market has experienced significant growth since Trump's election victory earlier this month, with Bitcoin (BTC) surpassing $98,000 and approaching the $100,000 milestone. Trump's campaign has made several pro-crypto commitments, including pledges to end regulatory hostility toward the crypto industry and to amass a strategic Bitcoin reserve.
As TMTG is awaiting the outcome of its trademark application, its entry into cryptocurrency trading and payment services could have a substantial effect on the digital asset sector as well as trigger more adoption.
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