The Florida-based media and technology company majority-owned by President Trump is venturing into the prediction markets business.
Trump Media & Technology Group is planning to offer prediction contracts on its Truth Social Network, reports Bloomberg.
The service called Truth Predict will enable users to bet on a range of events such as political elections and changes in inflation rates.
The development comes as leading prediction marketplaces Polymarket and Kalshi reach record levels and firms such as CME Group Inc. and Intercontinental Exchange Inc. eye entering into the booming market.
Says Devin Nunes, chief executive officer of Trump Media and a former Republican representative,
“For too long, global elites have closely controlled these markets — with Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight.”
Trump’s company is teaming up with the digital asset exchange Crypto.com Derivatives North America to enable wagers to trade prediction contracts. Earlier this year, Trump Media also struck a deal to create a crypto treasury company for buying and holding the CRO token, the crypto asset of the Cronos blockchain built by Crypto.com.
Truth Predict will launch in the US after the testing phase and will eventually roll out globally. The report says the initial testing of the service will begin “in the near future.”
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