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Magic Eden, a non-fungible token (NFT) market, has introduced a partnership with the staff 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 characteristic Trump’s likeness and identify however can even help buying and selling of the TRUMP token alongside different digital property, 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 time, as confirmed by a spokesperson from Magic Eden.
In a promotional push, the mission is being marketed as “the primary and solely crypto pockets for true Trump followers,” engaging customers with the chance to share in $1 million value of the memecoin rewards. Those that join and refer buddies will be capable of improve their place on the waitlist.
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Curiously, Eric Trump, who has been concerned in varied cryptocurrency initiatives linked to his father, expressed shock on the mission. He took to social media platform X (previously Twitter) to claim, “I run @Trump and I do know nothing about this mission!” In a observe up social media put up, Eric additional said:
This mission shouldn’t be licensed by @Trump. @MagicEden I might be extraordinarily cautious utilizing our identify in a mission that has not been accredited and is unknown to anybody in our group.
KYC Particulars Nonetheless Unclear
The announcement was shared by the official TrumpMeme account, however additional particulars in regards to 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 a wide range of digital property, 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 Woman.
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Magic Eden’s CEO not too long ago 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, corresponding to Bonk Inu (BONK) and Fartcoin (FARTCOIN), and doesn’t straight accumulate 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 staff 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
