President Donald Trump’s Trump Media & Technology Group has scrapped plans to launch a Crypto.com-backed CRO treasury company and abandoned a broader digital asset deal with the company.
The companies cited "prevailing market conditions" and "shifting business and stakeholder priorities" for the decision.
Interim CEO Kevin McGurn told Axios the company is narrowing its focus after the market for digital asset treasury companies became increasingly crowded over the past year. He added that staking has become less important to Crypto.com, making it the right time for the companies to go their separate ways.
McGurn said the prediction market business has become crowded, making it a less compelling area for investment. Rather than operating prediction markets itself, Trump Media now sees greater value in acting as a distribution and data partner.
Trump Media’s relationship with Crypto.com had expanded over the past year.
Democrats have repeatedly criticized Trump's expanding crypto ventures.
