Trump Media Ditches Own Prediction Market Platform for Crypto.com Deal
Trump Media has abandoned plans to launch its own prediction market platform, Truth Predict, on its social media app. Instead, users will be redirected to Crypto.com's exchange through a marketing deal.
The decision was made by Trump Media CEO Kevin McGurn, who cited the crowded nature of the prediction market industry as the reason for the change in plans.
Truth Predict had planned to offer contracts on various topics, including elections, economics, and sports. The platform's launch was initially announced in October, with beta testing set to begin soon after.
However, Trump Media reported a $238 million loss in the second quarter due to cryptocurrency-related assets. McGurn stated that the company is exploring data licensing opportunities in the prediction market space.