Trump Media and Technology Group (TMTG) has filed a trademark application for a cryptocurrency payment service named TruthFi.

Notably, newly elected U.S. President Donald Trump has promised to maintain his 53% stake in the organization.

According to the filing, the platform will focus on cryptocurrency payments, financial management, digital asset trading, and capital custody services.

“Apparently, this initiative is an attempt by Trump Media to diversify its business beyond Truth Social, the social media platform whose operations are largely driven by Trump constantly posting messages for his most loyal supporters,” said The New York Times.

Trademark attorney from Washington, Josh Gerben, stated that the trademark filing is a way for Trump Media to reserve the name TruthFi should they continue with their cryptocurrency business. According to him, companies typically reserve a name for several years, but in most cases, they intend to use it.

Earlier, reports indicated that TMTG is in talks to acquire all the shares of cryptocurrency custodian Bakkt.