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Magic Eden, a non-fungible token (NFT) market, has introduced a partnership with the group 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 may also assist 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 time, as confirmed by a spokesperson from Magic Eden.
In a promotional push, the undertaking 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 associates will have the ability to improve their place on the waitlist.
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Apparently, Eric Trump, who has been concerned in numerous cryptocurrency initiatives linked to his father, expressed shock on the undertaking. He took to social media platform X (previously Twitter) to claim, “I run @Trump and I do know nothing about this undertaking!” In a comply with up social media publish, Eric additional stated:
This undertaking is just not approved by @Trump. @MagicEden I’d be extraordinarily cautious utilizing our identify in a undertaking 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 an element of a bigger technique to spice up engagement in Trump-related cryptocurrency ventures, which have been gaining momentum in current months.
The Presidential household’s increasing crypto portfolio already encompasses a wide range 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 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 shall be constructed on the Slingshot Finance platform, a self-custodial buying and selling utility acquired by Magic Eden in April.
Slingshot is understood for that includes numerous meme tokens, similar to Bonk Inu (BONK) and Fartcoin (FARTCOIN), and doesn’t instantly acquire consumer identification data; as an alternative, that is managed by MoonPay, the app’s fiat on-ramp supplier.
When writing, the official memecoin launched by the President’s group trades at $11, recording losses of 12% and 21% on the seven and fourteen days timeframe respectively.
Featured picture from NBC, chart from TradingView.com
