Trump Media Ditches CRO Reserve Plans Amid Market Shifts

Trump Media & Technology Group has abandoned plans to set up a CRO-based cryptocurrency reserve company and related digital-asset businesses it had pursued with Crypto.com. The decision comes after 'current market conditions' and 'changed business and stakeholder priorities' made the project unsustainable, according to a statement from Trump Media. The existing Truth Social Fund ETF will remain in place.

The project originally envisioned creating a company that licensed the Trump Media name, centered on Crypto.com's Cronos blockchain and CRO token. However, the market for digital-asset reserve companies has become crowded over the past year, according to interim chief executive Kevin McGurn. He stated that it was time for both sides to go their separate ways as staking became less important to Crypto.com.

The decision also affects plans to directly integrate a prediction market into Truth Social. Instead, Trump Media will pursue a marketing agreement to promote Crypto.com's prediction-market product to Truth Social users.