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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 title however may also assist 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,” attractive customers with the chance to share in $1 million value of the memecoin rewards. Those that enroll and refer mates will be capable to improve their place on the waitlist.
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Curiously, Eric Trump, who has been concerned in numerous 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 comply with up social media put up, Eric additional said:
This mission will not be approved by @Trump. @MagicEden I’d be extraordinarily cautious utilizing our title in a mission that has not been accepted 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 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 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 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 will likely be constructed on the Slingshot Finance platform, a self-custodial trading application acquired by Magic Eden in April.
Slingshot is understood for that includes numerous meme tokens, equivalent to Bonk Inu (BONK) and Fartcoin (FARTCOIN), and doesn’t instantly 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