🔽 Trump’s company sharply cut crypto ambitions
• Trump Media cancelled the creation of a separate structure, Trump Media Group CRO Strategy, which was supposed to operate around the Cronos blockchain and the CRO token
• The deal involved more than $1 billion in CRO from Crypto.com, as well as a credit line of up to $5 billion, and was meant to become the first and largest public treasury company for this token
• Trump Media and Crypto.com are also scaling back plans to integrate the predictions market into Truth Social
• Acting CEO Kevin McGurn said the crypto-treasury market is oversaturated, and the company decided to focus on its media business and the planned merger with the energy company TAE
• After the news, CRO crashed to a three-year low
💵
• Trump Media cancelled the creation of a separate structure, Trump Media Group CRO Strategy, which was supposed to operate around the Cronos blockchain and the CRO token
• The deal involved more than $1 billion in CRO from Crypto.com, as well as a credit line of up to $5 billion, and was meant to become the first and largest public treasury company for this token
• Trump Media and Crypto.com are also scaling back plans to integrate the predictions market into Truth Social
• Acting CEO Kevin McGurn said the crypto-treasury market is oversaturated, and the company decided to focus on its media business and the planned merger with the energy company TAE
• After the news, CRO crashed to a three-year low
💵