Cryptocurrency exchange, Crypto.com has entered into a partnership with Trump Media to acquire $6.4 billion digital asset treasury. The exchange confirmed the development in a blog post on Tuesday. According to the post, Trump Media will introduce a rewards system on the Truth Social and Truth+ platforms that uses the crypto.com digital wallet infrastructure and adopts the Cronos (CRO) digital currency as a utility token.
Cronos focuses on being a high-performing blockchain with interoperability, speed, and scalability features. Its design allows for easy connections across various networks. As revealed, this makes Cronos a solid base for future digital economic growth in America. The technology also facilitates low-cost, high-speed smart contract deployment and smooth integration with other major blockchain ecosystems. It unlocks widescale adoption of decentralized applications in finance, commerce, and public infrastructure, without the congestion or costs of legacy networks.
Cronos utilizes a proof-of-authority consensus, robust validator set, and enterprise-grade security to deliver the performance and reliability needed to power mission-critical applications at scale.
More details on the partnership between Crypto.com and Trump media
Crypto.com has always been an ardent supporter of the open-source Cronos blockchain project, integrating the CRO token and Cronos protocol into various services. These integrations aim to boost how customers interact with blockchain tech. This initiative aims to showcase the advantages of blockchain operations, all within a safe, secure, and regulated environment.
The collaboration between Trump Media and Crypto.com aims to enhance the user experience on the Truth Social and Truth+ platforms through the integration of the CRO token. As revealed, it will not only update the existing rewards system but also enable users to seamlessly utilize Crypto.com’s digital wallet infrastructure. As a result, participants on Truth Social and Truth+ will be able to convert gems earned from various activities into CRO and access a range of additional benefits.
According to the partnership, Trump Media will also purchase approximately $105 million (685,427,004) in CRO for its balance sheet and Crypto.com will purchase $50 million in shares of common stock in Trump Media, both subject to a lockup period. This is about 2 percent of the total CRO market cap at the time of writing this report. Trump Media also plans to enhance its revenue generation by partnering with the Crypto.com custody service for its CRO.
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