Donald Trump’s social network Truth Social will launch a prediction market product called “Truth Predict” through a new partnership with Crypto.com.
The deal, which includes sports contracts, marks the first social network opting to enter the rapidly growing prediction markets vertical, and is yet another signal the administration will opt for a laissez-faire approach to regulating the space.
It comes days after the appointment of Crypto Task Force chief counsel Michael Selig to run the CFTC, which is responsible for regulating derivative contracts like prediction markets.
Devin Nunes, chairman and CEO of Trump Media, said: “For too long, global elites have closely controlled these markets – with Truth Predict, we’re democratising information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight.”
As stated in the press release announcing the move, Truth Social users will be able to trade prediction contracts on major events including political elections, interest and inflation rate changes, commodity prices on gold and crude oil and “events across all major sports leagues”.
Truth Social hints at global launch
The integration will begin Beta testing live on Truth Social soon, followed by a full launch in the US with an eye towards a global rollout at a later date.
Truth Social users will be able to use their Truth Gems cryptocurrency earned by interacting on the platform to purchase contracts via the new product.
Kris Marszalek, Crypto.com CEO and co-founder, added: “Prediction markets are poised to be a multi-deca-billion dollar industry. Crypto.com has quickly become one of the most trusted providers of prediction market services, and we’re thrilled to combine with Truth Social to support the world’s first prediction markets available from a social media platform.
“This aligns perfectly with what users look for in social media – a community to engage with and seek truth. Truth Predict will provide customers with a powerful tool related to market sentiment on an unlimited number of events.
“We are thrilled to integrate Truth Social’s truly pioneering social media platform and technology with our industry-leading technology and regulated prediction market trading.”
The president’s son Donald Trump Jr. is currently advising two of Crypto.com’s competitors in the space, Polymarket and Kalshi, in what some commentators have questioned as an ethically dubious arrangement.