Magic Eden has announced the launch of a new crypto wallet and trading application, branded as the “$TRUMP Wallet. The application, developed in partnership with Magic Eden as co-creator, aims to bring cryptocurrency to his audience. The announcement comes at a time when there have been general rumors that Trump was entering the crypto arena.
$TRUMP Wallet Features
The $TRUMP Wallet will be utilized to make Trump’s memecoin and other large cryptos such as Bitcoin and Ethereum. The app has a basic interface with which to buy, store, and sell digital money. As reported by BanklessTimes, it will connect with Trump’s social site, Truth Social.
Denials from the Family and Controversy
In due time following the initial public offering, Trump sons Donald Trump Jr. and Eric publicly dissociated themselves with the wallet project. They tweeted that the Trump Organization was not involved in the app. Eric Trump emphasized prudence while the Trump name was being utilized in such unapproved initiatives, with the option of moving against Magic Eden for brand misrepresentation.
Promotion and Incentives
The wallet’s launch provides some promotion to the customers. Customers can enter a draw to win “Trump Boxes” containing $TRUMP memecoins valued between $11.30 and $565. Users also have a chance to win $100,000 in $TRUMP by signing up and using the application.
Regulatory and Ethical Concerns
Launch of the $TRUMP Wallet is raising eyebrows on moral grounds over Trump’s financial interest and its implications on his political life. Critics point to the dangers of selling investment in such risky instruments as memecoins. The Senate Permanent Subcommittee on Investigations has launched an investigation into Trump’s cryptocurrency project, including the $TRUMP Wallet.
Future of Trump in Crypto
This wallet is but one of Trump’s many crypto projects. Trump has been working on many other crypto projects, from NFTs to crypto exchanges. However, regulators continue to evolve the rules, and they will scrutinize Trump’s venture into the crypto world even more closely.
The $TRUMP Wallet and exchange platform are among the significant efforts Trump has made to keep himself within the world of cryptocurrency. Although, the project has been generating buzz among his supporters, it has been rife with controversy and ethical argumentation. With the release date closing in, the world of cryptocurrency and regulating authorities will be keenly watching.
