President Donald Trump has not shied away from successful business models, whether this has to do with cryptocurrencies or prediction markets. Now, the President’s social media platform, Truth Social, has entered a partnership with Crypto.com, despite the latter suffering a regulatory setback in Nevada recently.
Truth Social set to claim a slice of the prediction markets, routing "global elites"
At a time when Kalshi and Crypto.com are fighting legal battles against gambling regulators, specifically over the listing of sports event contracts, Truth Social is planning to launch prediction contracts on its own platform, with the current focus on political elections and inflation-rate changes.
Called Truth Predict, initial tests are expected imminently, with more details released to the public as they become available. Truth Predict states that the platform can pry away prediction markets from the grips of "global elites" and democratize them. Trump Media CEO Devin Nunes had this to say regarding the planned launch:
"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."
To spearhead its offer, the inbound platform will tap Crypto.com Derivatives North America, with the service initially to launch in the United States and pursue a global launch similarly to what other sector players, such as Kalshi and Polymarket, are doing.
Crypto.com CEO Kris Marszalek and President Trump also have a good rapport, with Marszalek and POTUS liaising since before Trump’s reelection to office.
Prediction markets gather steam under Trump’s administration
The Trump estate is also already involved in prediction markets through Donald Trump Jr, the President’s eldest son, who holds advisory roles with both potential competitors to Truth Predict, Kalshi, and Polymarket.
At the same time, Polymarket is poised to make a return to the United States after a prolonged absence due to regulatory pushback. However, under the Trump administration, prediction market platforms appear to be gathering momentum.
Both Kalshi and Polymarket now offer their products to companies, and both companies have rapidly shot in valuation following several investment rounds. President Trump has also named Michael Selig as the next CFTC chair nominee.
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