Crypto.com’s Cronos (CRO) token experienced a notable 6% increase, reaching $0.15 on Tuesday, following the announcement that Truth Social, the social media platform linked to former U.S. President Donald Trump, will introduce a new prediction market service in partnership with the centralized exchange.
The feature, named Truth Predict, will enable users to trade contracts based on the likelihood of outcomes for real-world events such as election results, interest rate fluctuations, and sports competitions. This development was confirmed through an official press release issued by Crypto.com.
Truth Predict users will earn platform-specific rewards called “Truth gems” as they participate, which can be converted into CRO tokens. These tokens can then be utilized to place bets on upcoming events within the prediction market.
Trading on Truth Predict will be facilitated by Crypto.com’s derivatives exchange, notable for its registration with the U.S. Commodity Futures Trading Commission (CFTC). This regulatory registration highlights the platform’s compliance with financial authorities and sets Truth Social apart as the first social media network to offer access to regulated prediction markets.
In parallel with CRO’s price movement, shares of Trump Media & Technology Group (DJT)—the parent company of Truth Social and majority-owned by Donald Trump—also rose by 2%, closing at $16.32. Additionally, the TRUMP memecoin, associated with the former president, saw a substantial daily gain surpassing 14%, continuing its upward momentum from the previous day.
Crypto.com and Trump Media’s alliance follows an earlier strategic partnership announced in August, which included plans to roll out a rewards program based on CRO. This latest move solidifies their collaboration by integrating blockchain technology into social media engagement through prediction markets.
Devin Nunes, Chairman and CEO of Trump Media, expressed enthusiasm about the launch, stating, “We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets. 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.”
This initiative aligns with a growing interest in prediction markets within the technology and crypto sectors. Other players in the space, like Polymarket and Kalshi, are also expanding their presence in U.S. markets and exploring blockchain integration respectively.
As Truth Social brings this innovative feature onboard, it could mark a significant step in combining regulated financial products with social media user experience, potentially broadening the appeal of blockchain-based prediction markets.
