Truth Social Scraps Prediction Markets Plans Amid Crypto Market Weakness

Trump Media and Technology Group (TMG) has canceled plans to launch prediction markets on its Truth Social platform, along with a separate agreement to create a digital asset treasury company using CRO, the native cryptocurrency of Crypto.com's Cronos ecosystem.

The 'Truth Predict' product was announced in October 2022 and aimed to allow users of Truth Social and Truth+ to trade event contracts directly within the platforms. However, market conditions have made it unattractive for TMG and Crypto.com to proceed with these plans.

Crypto.com's CEO Kris Marszalek stated that current market conditions do not make sense for moving forward with proposed ETFs and digital asset treasury plans. He added that the company will continue to pursue other ETF opportunities.

The collapse of this agreement comes as prediction markets expand rapidly, particularly in sports-related event contracts that have attracted scrutiny from regulators and gaming companies.