CRO explodes 10% per hour as Trump Media introduces prediction markets using Crypto.com

CRO’s price exceeded $0.16, while its market capitalization approached $6 billion.

Trump Media and Technology Group Corp. – the company behind Truth Social – announced that it will launch prediction markets through an exclusive partnership with leading cryptocurrency exchange Crypto.com. This makes it the first social media platform to enable such services.

The official announcement revealed that Truth Social will allow users to trade prediction contracts on major events, including political elections, changes in inflation, commodity prices, sports league results and more. Speaking on this issue, Trump Media Chairman and CEO Devin Nunes said:

“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 enable our loyal users to participate in prediction markets with a trusted network, while leveraging our social media platform to provide users with completely unique ways to discuss and compare their predictions.”

For his part, Kris Marszalek, co-founder and CEO of Crypto.com, predicted that the prediction markets are “on the verge of becoming a multi-tens of billions of dollars industry,” highlighting that his company has managed to become one of the “most trusted providers” of such services.

Somewhat predictably, Cronos (CRO) – the cryptocurrency associated with the exchange – witnessed a substantial pump immediately following the news. In the last hour alone, the price rose 10%, to $0.16 (according to CoinGecko data).

Earlier this year, Trump Media delivered another major price increase for CRO. In early September, the entity announced that it would purchase 2% of the asset’s entire supply by spending more than $100 million to acquire 685,427,004 CRO. In addition, Trump Media, Yorkville and Crypto.com announced plans to create a digital asset treasury company that will collect approximately 19% of the total CRO supply.