Quick Takeaways
- Truth Social teams up with Crypto.com to launch Truth Predict, a crypto-powered prediction market.
- Users can trade contracts on elections, sports, and economic events via CDNA integration.
- The move follows a record-setting $1.44B in September trading volume across leading prediction platforms.
Trump-Backed Truth Social Enters Prediction Market With Crypto.com
Truth Social, owned by Trump Media & Technology Group (TMTG), is expanding beyond social media into blockchain-powered prediction markets. The platform announced a strategic partnership with Crypto.com to introduce “Truth Predict,” a new product that allows users to trade prediction contracts on real-world events.
The offering will integrate CDNA event contracts, enabling users to make predictions on topics such as elections, commodity prices, and sports outcomes through a federally compliant framework.
Truth Predict Aims to Democratize Market Insights
“We are thrilled to become the world’s first publicly traded social platform to offer users access to prediction markets,” said Devin Nunes, Chairman and CEO of Trump Media.
Nunes said Truth Predict supports TMTG’s goal of empowering users with data-driven insights, noting the company now has $3B in assets and its first positive cash flow quarter.
Prediction Markets See Explosive Growth
The timing of Truth Social’s entry coincides with a boom in the prediction market industry, which surged ahead of the 2024 U.S. presidential election.
Leading platforms Kalshi and Polymarket reported a combined $1.44 billion in trading volume in September. Kalshi is reportedly fielding investment offers valuing the company at $12 billion, while Polymarket secured an investment deal with Intercontinental Exchange at a $9 billion valuation.
Even major sports leagues are joining the trend, with the NHL signing multi-year licensing deals with both Kalshi and Polymarket.
Crypto.com CEO: “A Multi-Deca-Billion Dollar Industry”
Kris Marszalek, CEO of Crypto.com, described prediction markets as a rapidly expanding financial frontier. He said prediction markets could hit billions, and Truth Predict fits Crypto.com’s push to blend social and blockchain.
The platform will enter beta testing soon on Truth Social, followed by a full U.S. rollout and global expansion.
Truth Predict to Use CRO Token Integration
Truth Social users can convert Truth Gems, earned from platform interactions, into Cronos (CRO) tokens. These can be used to purchase Truth Predict contracts directly through Crypto.com’s wallet infrastructure. Trump Media holds about 700M CRO, deepening its partnership with Crypto.com and bringing blockchain rewards to Truth Social and Truth+.
