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The Trump Media & Technology Group has acquired $105 million in CRO and will stake it through Crypto.com
BlockBeats News, August 26th, according to Blockworks report, Trump Media & Technology Group announced a strategic partnership agreement with Crypto.com, advancing their collaboration through a parallel collaboration and purchase agreement.
Under the agreement, Trump Media will adopt Crypto.com's wallet system for upgrading their in-app rewards program. Users can convert their earned "gems" into Cronos (CRO) tokens, which can then be used to pay for subscription fees. Additionally, opening a Crypto.com account will provide free or discounted Truth+ subscriptions.
Trump Media & Technology Group signed a $155 million strategic partnership agreement with Crypto.com. Trump Media & Technology Group has purchased around $105 million worth of CRO, approximately 685 million tokens, which will be held and staked through Crypto.com. Furthermore, Crypto.com has acquired $50 million in common shares from Trump Media & Technology Group. Both parties' holdings are subject to a lock-up period.
Additionally, a new entity, Trump Media Group CRO Strategy, Inc., will be established to manage the token treasury operations and advance the proposed business combination with the special purpose acquisition company Yorkville Acquisition Corp.
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