In a deal with Crypto.com, Trump Media purchased 684.4 million Cronos tokens.
Summary
- Trump Media acquired 684.4 million in Crypto.com’s Cronos (CRO) tokens
- The firm used its stocks to fund half of the $105 million deal, making Crypto.com its shareholder
- The deal is part of a broader partnership, including CRO integration in Truth Social and Truth+
The Trump family’s largest business has closed a major deal with one of the biggest crypto exchanges. On Friday, September 5, Trump Media and Technology Group announced that it recently closed a purchase deal with Crypto.com.
The media company, which also operates the social media platform Truth Social, will buy 684.4 million Cronos (CRO) tokens. The deal, worth about $105 million, was structured as a 50% stock and 50% cash exchange. This means that Crypto.com will also become an investor in Trump Media.
“Trump Media is pleased to close this agreement and quickly begin to fulfill our strategic partnership with Crypto.com. We’re convinced that CRO has tremendous potential to spread widely as a versatile utility token and a superior form of safe, fast payment and money transfer, and we’re excited to add this innovative asset to our balance sheet,” Devin Nunes, CEO and Chairman of Trump Media.
Trump Media eyes CRO token rewards
The sale was part of a broader partnership agreement between the two companies. Namely, the agreement also enables the integration of the CRO token across Truth Social and the streaming platform Truth+. According to the announcement, Trump Media plans to integrate CRO rewards into these platforms.
“This is the first of many steps to driving utility and value for CRO and the Cronos blockchain. We are proud to provide support to Trump Media with our best-in-class custody solution and generate additional value through CRO’s staking model,” Kris Marszalek, Co-Founder and CEO of Crypto.com
This isn’t the first news of a Trump Media partnership with Crypto.com. On August 26, the company announced a CRO treasury strategy, with funding to secure up to $6.4 billion worth of tokens.
