Trump Media and Technology Group (DJT)Parent of Truth Social linked to the American president Donal Trump, concluded a purchase agreement with Crypto Exchange Crypto.com which gives him 684.4 million Cronos chips.
The transaction of $ 105 million, divided into cash and shares, represents approximately 2% of the circulating offer of the token, companies said in a press release on Friday. Cro and Trump Media’s actions will remain locked up for an adjustment period, they added.
The DJT and CRO actions were both little changed in the Friday trade.
The agreement is part of a broader partnership between the two companies which will bring CRO in social truth and truth + as a functionality of awards. Trump Media said he would store tokens with Crypto.com’s day care and accuse them to generate additional income.
CEO of Crypto.com, Kriszalek Kriszalek, said that the move marks the start of wider adoption efforts for CRO, while the president of the Trump Devin Nunes media qualified the token a “versatile” tool for payments and transfers.
The agreement follows the launch by Trump Media of a separate entity, Trump Media Group Cro Strategy, who is preparing to acquire up to 19% of the supply of CRO thanks to a planned spac merger. This company aims to create a digital asset treasure focused on the stacking of the CRO tokens.
Trump Media pushes more deeply in financial and digital assets, revealing plans to deploy several ETF focused on crypto and manage investment products. The company also owned $ 2 billion in Bitcoin According to his Q2 report.
Read more: Trump Media, Crypto.com to build a CRO cash for 6.4 billion dollars, CRO jumps 25%
