The operator of the social media platform Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi, Trump Media and Technology Group Corp., announced today that it will make prediction markets available on Truth Social.
It would be made through with an exclusive agreement with Crypto.com and Derivatives North America (CDNA), an exchange and clearinghouse registered with the CFTC.
After the integration, Truth Social will be the first social media site to provide its members with embedded prediction market capabilities via CDNA.
What are the plans?
With the new product technology known as “Truth Predict,” users of Truth Social will be able to trade prediction contracts related to significant events and milestones, including political elections, changes in interest and inflation rates, commodity prices for gold and crude oil, events in all major sports leagues, and more.
Real-time price updates will enable consumers to respond quickly to changes in significant current events.
Also Read: Polymarket Plans to Launch a Stablecoin to Generate Yield on USDC Holdings
Quotes from the leaders
“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.
He added, “Truth Predict will allow our loyal users to engage in prediction markets with a trusted network while harnessing our social media platform to provide totally unique ways for users to discuss and compare their predictions.”
“With more than $3 billion in financial assets as of the end of the second quarter, and having posted our first quarter of positive operating cash flow after going public just last year, Trump Media is well-positioned to leverage our strong balance sheet and existing social media capabilities to create a new standard for access to prediction market platforms.”
The event contracts will be made available through CDNA, and the integration will enable a federally compliant method of accessing CDNA event contracts and forecasting the results of events, including sports, politics, economics, and finance, all of which are smoothly integrated with Truth Social technology.
Kris Marszalek, Co-Founder and CEO of Crypto.com. “Crypto.com has quickly become one of the most trusted providers of prediction market services, and we’re thrilled to combine with Truth Social to support the world’s first prediction markets available from a social media platform.”
Beta testing begins
In the near future, the integration will start live beta testing on Truth Social before going live in the US. After all the necessary conditions are satisfied, Trump Media intends to provide the service worldwide.
Users of Truth Social and Truth+ who have earned Truth gems through platform interaction will be able to exchange their gems for Cronos (CRO) digital money, which they can then use to buy Truth Predict contracts.
Prediction market Polymarket’s growing empire
The platform is going to face some steep competition with some already existing players in the market, like the crypto betting platform PolyMarket.
Polymarket’s new funding valuation could reach $15 billion, according to individuals familiar with the situation. Early-stage talks with investors for fundraising at a $12 billion to $15 billion value.
The proposed rise in valuation would represent a tenfold increase compared to what it was four months ago.