CRO’s price surpassed $0.16, whereas its market capitalization neared $6 billion.
Trump Media and Technology Group Corp. – the company behind Truth Social – disclosed that it will launch prediction markets via an exclusive collaboration with the leading cryptocurrency exchange Crypto.com. This will make it the first social media platform to allow such services.
The official announcement revealed that Truth Social will allow users to trade prediction contracts on major events, including political elections, changes in the inflation rate, commodity prices, sports league results, and more. Speaking on the matter was Devin Nunes, Chairman and CEO of Trump Media:
“We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets. Truth Predict will allow our loyal users to engage in prediction markets with a trusted network while harnessing our social media platform to provide totally unique ways for users to discuss and compare their predictions.”
For his part, Kris Marszalek, Co-Founder and CEO of Crypto.com, forecasted that prediction markets “are poised to be a multi-deca-billion dollar industry,” highlighting that his company has managed to become among the “most trusted providers” of such services.
Somewhat expectedly, Cronos (CRO) – the cryptocurrency associated with the exchange – witnessed a substantial pump immediately after the news. It soared by 10% in the past hour alone, rising to $0.16 (per CoinGecko’s data).
CRO Price, Source: CoinGecko
Earlier this year, Trump Media sparked another major price surge for CRO. At the beginning of September, the entity revealed it would purchase 2% of the asset’s entire supply by spending over $100 million to acquire 685,427,004 CRO. In addition, Trump Media, Yorkville, and Crypto.com announced plans to establish a digital asset treasury firm that will accumulate roughly 19% of the total CRO supply.
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