Trump Media Axes Crypto.com Partnership Over 'Prevailing Market Conditions'
Trump Media and Technology Group (TMTG) has scrapped its plans to partner with Crypto.com on a CRO treasury deal, citing 'prevailing market conditions and shifting business and stakeholder priorities.'
The proposed venture would have licensed the Trump Media name for a company built around Crypto.com's Cronos blockchain and its CRO token. The companies described it as the 'first and largest publicly traded CRO treasury company' when announced last year.
Interim CEO Kevin McGurn stated that staking those assets had become less important for Crypto.com, leading both sides to move in a different direction. He added that the market for digital asset treasury companies has become saturated over the past year, driven by competitive dynamics rather than regulatory concerns.