Trump Media & Technology Group Corp. (NASDAQ:DJT) stock is trading higher Tuesday after the company announced it will launch prediction markets on Truth Social through an exclusive agreement with Crypto.com.
What To Know: Trump Media said its new product, Truth Predict, will make Truth Social the first social media platform to offer embedded prediction markets through Crypto.com Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse.
Truth Social users will be able to trade contracts tied to political elections, interest rate changes, commodity prices and major sports events. Prices will update in real time, allowing users to react to developments as they happen.
“We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets,” said Devin Nunes, chairman and CEO of Trump Media.
Nunes added that the feature “democratizes information and empowers everyday Americans to harness the wisdom of the crowd.”
Crypto.com CEO Kris Marszalek called prediction markets a “multi-deca-billion dollar industry,” saying the partnership combines Crypto.com’s technology with Truth Social’s social platform to provide a regulated way for users to make event-based predictions.
Truth Social and Truth+ users who earn Truth gems for engagement will be able to convert them into the Cronos (CRO) digital currency and use them to purchase Truth Predict contracts. Beta testing is expected to begin in the U.S. in the near future, followed by a full launch in the U.S. Subsequently, Trump Media said it plans to launch the service globally.
DJT Price Action: At the time of writing, Trump Media & Technology shares are trading 2.59% higher at $16.44, according to data from Benzinga Pro.
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