Trump Media and Technology Group, which has ties to US President Donald Trump, plans to distribute cryptocurrencies to shareholders.
According to an official announcement, Trump Media (DJT) has partnered with Crypto.com (CRO) to launch a new token for shareholders to be distributed via airdrop. This token provides various benefits to Trump-owned products and platforms, primarily Truth Social.
Shareholders will receive one token for each DJT share they own. This token has no cash value but is used to provide benefits for services related to Trump Media.
Details regarding the tokens to be distributed will be announced in the new year.
“Trump Media anticipates that in the near future, each ultimate holder will be entitled to receive one of the new digital tokens for every share of DJT, and that token holders will be offered various rewards periodically throughout the year.”
These benefits may include benefits and discounts associated with Trump Media products such as Truth Social, Truth+, and Truth Predict.
Trump Media CEO and Chairman Devin Nunes said:
“We look forward to leveraging blockchain technology at Crypto.com to conduct a first-of-its-kind token distribution to reward Trump Media shareholders and increase regulatory clarity to promote a fair and transparent market.”
Following this news, the price of Cronos (CRO) rose.
*This is not investment advice.