Trump Media and Crypto.com Launch $6.4 Billion CRO-Focused Crypto Venture

The project focuses on building a treasury primarily composed of CRO CRO $0.0965 , the native cryptocurrency of the Cronos blockchain, which was created by Crypto.com.

According to a press release published on August 26, the three companies have signed a formal agreement to form a business called Trump Media Group CRO Strategy. This new venture will focus on acquiring and managing a large supply of CRO tokens to create a sizable reserve backed by both digital and physical assets.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

How Do KYC & AML Work in Crypto? (Explained)

SUBSCRIBE

ON YOUTUBE

Ownership of the company will be split between the three founding parties. They plan to start with a combined funding package totaling $6.42 billion. This includes $1 billion worth of CRO tokens, $420 million in a mix of cash and warrants, and access to a $5 billion credit line provided by a Yorkville-related firm.

To support this initiative, Yorkville also intends to list its Class A shares on Nasdaq under the proposed ticker symbol MCGA.

Once the business combination is completed, the new company plans to allocate nearly all of its available cash to acquiring additional CRO tokens. The approach is based on building a treasury that produces returns over time.

Part of this plan includes setting up a validator on the Cronos blockchain network. Validators are participants in proof-of-stake (PoS) systems that help secure the network and validate transactions.

Thumzup Media Corporation, which initially focused on social media marketing, is expanding its involvement in the cryptocurrency industry. How? Read the full story.