Trump Media and Technology Group will launch prediction markets on its Truth Social app through a partnership with Crypto.com.
The markets will be embedded directly within the social media app Truth Social, the business said in a press release Tuesday. This, it says, will make it the first social media app to integrate prediction markets. The offering will include both sports — across all major leagues — and non-sporting events.
“We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets,” Trump Media CEO Devin Nunes said.
Trump Media said the business will begin beta testing the predictions platform “in the near future,” and then will launch the product in the U.S.. It then says it will expand globally “once all the requisite requirements are met.” Rival prediction market Kalshi expanded to more than 140 countries earlier this month, though not without backlash from international gambling regulators.
Truth Social users will be able to make bets with real money or by converting “Truth Gems” — a form of digital reward users can receive for posting or interacting with other posts — into cryptocurrency that is used to buy contracts.
Trump owns 53% stake via trust
Truth Social was founded by Donald Trump in 2022, after he was banned from other social media platforms. Since becoming U.S. president for a second time, Trump has announced some personnel appointments and policy changes via the app.
The business merged with a special purpose acquisition company in 2024, allowing it to list on the Nasdaq exchange and giving the business access to more funding. At that point, it took on the name Trump Media and Technology Group.
The president indirectly owns a 53% stake in the business, via a revocable trust.
Besides Truth Social, Trump Media also has a cryptocurrency arm, which launched assets including Trumpcoin.
Investment in this asset appears to have strengthened the company’s balance sheet. Nunes noted that the company’s strong balance sheet put it in a place to spend on optimizing or marketing its prediction market offering.
“With more than $3 billion in financial assets as of the end of the second quarter and having posted our first quarter of positive operating cash flow after going public just last year, Trump Media is well-positioned to leverage our strong balance sheet and existing social media capabilities to create a new standard for access to prediction market platforms.
“For too long, global elites have closely controlled these markets — with Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight.”
Latest Trump-prediction markets connection
The partnership is the latest sign of a connection between prediction markets and Trump and his allies.
The president’s son, Donald Trump, Jr., is an advisor to both Kalshi and Polymarket. An investment firm in which Trump Jr. is a partner, 1789 Capital, is also an investor in Polymarket.
President Trump’s initial pick to chair the Commodity Futures Trading Commission (CFTC) — which regulates prediction markets — was Kalshi board member Brian Quintenz. However, his nomination ultimately fell through, and Trump has since selected SEC lawyer Michael Selig as the latest candidate for the role.
Since Trump took office in January, the CFTC has been more hands-off with regard to prediction markets, allowing platforms like Kalshi and Crypto.com to expand their offerings.
Coinbase, which aims to get into prediction markets and whose co-founder Changpeng Zhao was recently pardoned by Trump, and the Winklevoss Twins — who appeared to play a major role in stopping Quintenz’s nomination for CFTC chair over a dispute over cryptocurrency regulation — are among the donors backing Trump’s White House ballroom project.
Trump Media to be Crypto.com ‘tech provider’?
Truth Social will be Crypto.com’s second major prediction market partner, after striking a deal with Underdog last month.
It appears that like Underdog, Trump Media will be a “technical service provider” to Crypto.com. This means it will not have any formal status with the CFTC the way Robinhood — which is partnered with Kalshi — does as a futures commission merchant.
“Prediction markets are poised to be a multi-deca-billion dollar industry,” said Kris Marszalek, co-founder and CEO of Crypto.com. “Crypto.com has quickly become one of the most trusted providers of prediction market services, and we’re thrilled to combine with Truth Social to support the world’s first prediction markets available from a social media platform.
“This aligns perfectly with what users look for in social media — a community to engage with and seek truth. Truth Predict will provide customers with a powerful tool related to market sentiment on an unlimited number of events. We are thrilled to integrate Truth Social’s truly pioneering social media platform and technology with our industry-leading technology and regulated prediction market trading.”
The legality of Crypto.com’s sports event contracts has been challenged in Nevada, and the platform is set to take those contracts down in the state on Nov. 3, after a court ruling.
