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Magic Eden, a non-fungible token (NFT) market, has introduced a partnership with the workforce behind President Donald Trump’s memecoin to create an official “TRUMP-branded cryptocurrency pockets.”
This new product, aptly named the TRUMP Pockets, won’t solely function Trump’s likeness and identify however can even help buying and selling of the TRUMP token alongside different digital belongings, together with Bitcoin (BTC).
TRUMP Pockets Opens Waitlist Amid Controversy
The waitlist for the TRUMP Pockets opened on Tuesday at TrumpWallet.com, with a broader launch anticipated later this summer season, as confirmed by a spokesperson from Magic Eden.
In a promotional push, the venture is being marketed as “the primary and solely crypto pockets for true Trump followers,” engaging customers with the chance to share in $1 million price of the memecoin rewards. Those that enroll and refer buddies will be capable of improve their place on the waitlist.
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Apparently, Eric Trump, who has been concerned in varied cryptocurrency initiatives linked to his father, expressed shock on the venture. He took to social media platform X (previously Twitter) to claim, “I run @Trump and I do know nothing about this venture!” In a comply with up social media publish, Eric additional said:
This venture is just not licensed by @Trump. @MagicEden I’d be extraordinarily cautious utilizing our identify in a venture that has not been authorized and is unknown to anybody in our group.
KYC Particulars Nonetheless Unclear
The announcement was shared by the official TrumpMeme account, however additional particulars concerning the partnership, together with phrases of revenue-sharing and potential Know Your Buyer (KYC) necessities for customers, stay unclear.
This initiative is a component of a bigger technique to spice up engagement in Trump-related cryptocurrency ventures, which have been gaining momentum in latest months.
The Presidential household’s increasing crypto portfolio already encompasses quite a lot of digital belongings, together with non-fungible tokens, a stablecoin, a decentralized finance platform with its personal digital token, and memecoins named after each Donald Trump and the First Girl.
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Magic Eden’s CEO lately attended a fundraiser dinner hosted by Trump for earlier winners of a TRUMP coin contest, additional solidifying the ties between the 2 entities. It seems that the TRUMP Pockets will probably be constructed on the Slingshot Finance platform, a self-custodial trading application acquired by Magic Eden in April.
Slingshot is understood for that includes varied meme tokens, reminiscent of Bonk Inu (BONK) and Fartcoin (FARTCOIN), and doesn’t straight acquire person identification data; as a substitute, that is managed by MoonPay, the app’s fiat on-ramp supplier.
When writing, the official memecoin launched by the President’s workforce trades at $11, recording losses of 12% and 21% on the seven and fourteen days time-frame respectively.
Featured picture from NBC, chart from TradingView.com