Trump Jumps on Crypto’s Perpetual Motion Machine Bandwagon
Crypto.com Arena in Los Angeles. (Kirby Lee via AP)
Photographer: Kirby Lee/LEEKIThis article is for subscribers only.
Emily Nicolle dives into Donald Trump’s latest crypto play, and which major industry player might stand to benefit.
Michael Saylor’s Strategy was a pioneer of the corporate Bitcoin hoard craze, which has since morphed into blank-check companies pursuing increasingly smaller (and sometimes weirder) tokens. Now the President of the United States is getting in on the game.
On Tuesday, Trump Media & Technology Group and crypto exchange Crypto.com announced they’d agreed a deal with a blank-check vehicle to create a crypto treasury company focused on buying and holding Cronos tokens. Cronos is the native cryptocurrency of the Cronos blockchain, which is supported by Crypto.com.