Trump to launch branded crypto trading application
a year ago
- #Trump
- #cryptocurrency
- #DeFi
- President Trump is launching a branded cryptocurrency wallet and trading app named '$TRUMP Wallet'.
- The app is developed in partnership with Magic Eden and encourages trading of the $TRUMP memecoin, bitcoin, and other cryptocurrencies.
- A waitlist website (TrumpWallet.com) appeared on June 3, offering rewards like '$1 MILLION in TRUMP REWARDS' and 'Trump Boxes' containing $TRUMP memecoins.
- Trump's crypto ventures include memecoins, NFT projects, and plans for crypto ETFs via Truth Social, raising concerns about potential competition among his affiliated projects.
- Ethics watchdogs and Congress are scrutinizing Trump's crypto dealings, with a Senate subcommittee opening an inquiry into his ventures.
- Magic Eden, known for NFTs, acquired Slingshot Finance, a DeFi trading app, and may integrate it into the Trump Wallet.
- Slingshot allows trading of over 5M cryptocurrencies but lacks moderation, raising concerns about fake or offensive tokens in the Trump Wallet.
- Regulatory uncertainty surrounds DeFi, with Trump repealing IRS rules on DeFi broker reporting, potentially impacting the Trump Wallet's compliance.
- The Trump Wallet may require KYC for users, as hinted by the promotion terms, but details remain unclear.
- Magic Eden and Trump entities have not commented on the project, leaving many operational and regulatory questions unanswered.