Quick overview

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The Trump Media and Technology Group Corp. intends to distribute a new cryptocurrency to its shareholders. According to a statement released on Wednesday, the company that runs President Donald Trump’s Truth Social platform will distribute the new token to investors in collaboration with cryptocurrency exchange Crypto.com. It is expected to run on the Cronos blockchain, a network that Crypto.com supports.

The coin is the latest in a series of cryptocurrencies linked to Trump. The WLFI token and the USD1 stablecoin are run by World Liberty Financial, a decentralized finance initiative backed by the Trump family.

Earlier this year, the president also introduced his own TRUMP memecoin, in addition to one that his wife, Melania, was promoting. MELANIA has dropped 99 percent since its all-time high on January 20, while TRUMP has dropped 93 percent since reaching a peak on January 19. According to Trump Media, each shareholder will receive one token per share.

According to data compiled by Bloomberg, Trump owns a 41 percent stake in the company, making him its largest shareholder. New laws to regulate some aspects of the industry were passed in the summer after he returned to the White House in January, creating a more favorable regulatory environment for cryptocurrency companies. Regulators have halted or abandoned several enforcement cases against cryptocurrency companies.

“To implement this first-of-its-kind token distribution, reward Trump Media shareholders, and promote fair and transparent markets, we look forward to utilizing Crypto.com’s blockchain technology and improving regulatory clarity,” stated Devin Nunes, CEO of Trump Media.