Trump Media Axes Crypto.com Deal Amid Market Shifts

Trump Media & Technology Group has scrapped plans to launch a Crypto.com-backed CRO treasury company and abandoned its digital asset deal with the company. The decision was made due to 'prevailing market conditions' and 'shifting business and stakeholder priorities', according to Axios.

The venture would have licensed the Trump Media name for a company built around Crypto.com's Cronos blockchain and the Cronos token, which trades as CRO. The companies had announced plans to launch the first and largest publicly traded CRO treasury company by accumulating the token and generating additional returns from those holdings.

Interim CEO Kevin McGurn told Axios that staking has become less important to Crypto.com, making it the right time for the companies to go their separate ways. The CRO token currently trades for $0.05 at a market capitalization of around $2.4 billion.