Daniel Walker
Truth Social, the social media network operated by Trump Media and Technology Group (DJT), is rolling out prediction markets through a strategic partnership with Crypto.com. The new feature, branded as Truth Predict, allows users to trade contracts on the outcomes of major events, including political elections, interest rate decisions, commodity prices, and professional sports leagues.
Event contracts are provided via CDNA, offering a federally compliant mechanism for users to make predictions and engage in market-driven insights.
Chairman and CEO Devin Nunes said:
“We are thrilled to become the world’s first publicly traded social media platform to offer access to prediction markets. With Truth Predict, we are democratizing information and empowering Americans to turn free speech into actionable foresight.”
Nunes also highlighted the platform’s $3 billion in financial assets and noted the company recently achieved its first quarter of positive operating cash flow since going public.
Prediction Markets Gain Momentum
Prediction markets have surged in popularity, particularly around the 2024 U.S. presidential election, as platforms like Kalshi and Polymarket reached a record $1.44 billion in combined trading volume in September. Kalshi recently received investment offers valuing the company at up to $12 billion, while Polymarket announced that Intercontinental Exchange (ICE) will invest up to $2 billion, reaching a $9 billion post-money valuation.
Additionally, the NHL has signed multi-year licensing deals with both Kalshi and Polymarket. Polymarket is set to act as a clearinghouse for DraftKings’ prediction market following its acquisition of Railbird.
Empowering Users Through Market Participation
Crypto.com CEO Kris Marszalek emphasized the growth potential of prediction markets:
“Prediction markets are poised to be a multi-deca-billion dollar industry. Truth Predict gives users a community-driven tool to gauge market sentiment across countless events.”
Beta testing of Truth Predict will begin soon on Truth Social, followed by a full U.S. launch. Trump Media intends to expand the service globally.
Users of Truth Social and Truth+ who earn Truth Gems by engaging on the platforms can convert these gems into Cronos (CRO) tokens and use them to purchase Truth Predict contracts. The company currently holds nearly 700 million CRO, integrating the token into the platform’s rewards system via Crypto.com’s digital wallet infrastructure.
Bridging Social Media and Market Insights
Truth Predict merges social media interaction with financial market participation, enabling users to leverage collective intelligence while engaging in a secure, compliant environment. The initiative positions Truth Social at the forefront of innovative user-driven market experiences while highlighting the growing synergy between digital assets and interactive online platforms.
