United States President Trump’s Media and Science and Technology Group announced that it would launch a forecasting market function on its social media platform, Truth Social, by working with the encrypted money platform Crystal.com. This service, called “Truth Predict”, will allow users to make prognosis contract deals for events such as political elections, changes in interest rates and inflation rates, large commodity prices such as gold and crude oil, and major sports league events.
The series is about to be successfully tested and then fully operational in the United States. The company indicated a follow-up plan to extend the service globally. “We are honoured to be the world’s first public social platform to open up the forecast market to users. True Predict will involve faithful users in forecasting activities in a credible network, while using social platforms to provide a unique way to discuss and compare projections.” Devon Nunes stressed: “At the end of the second quarter, we held more than $3 billion in financial assets and, for the first time since we were listed last year, were operating a quarterly cash flow. The Trump media are well positioned to set new standards for predicting market platforms, with strong balance sheets and existing social media technologies. The long-standing monopoly of these markets by the global elite — Truth Predict — will democratize information so that ordinary Americans can operate their collective wisdom and turn free speech into an operational vision.”
Cripto.com’s co-founder and CEO, Kris Marszalek, added: “The market is projected to grow into a multi-billion dollar industry. We have quickly become one of the most trusted forecast market providers, and this time working with Truth Social to create the first global social platform to forecast the market is exciting. This fits perfectly with users’ expectations of social media — both in terms of community interaction and in terms of truth. Truth Predict will provide users with a powerful tool for insight into countless market emotions.” It is a matter of concern that, despite the fact that Cripto.com is registered with the United States Commodity Futures Trading Commission (CFTC), it has recently been confronted with a legal dispute with Nevada, where it has been asked to stop providing sports forecasting market services as of 3 November.
Prior to that, Draft Kings had just entered the field of forecasting through the acquisition of Railbird Technologies and its subsidiary, Railbird Exchange, and planned to introduce a mobile application of DraftKings Protections, which would allow users to engage in contract transactions for compliance incidents in the areas of finance, culture and entertainment.