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Magic Eden, a non-fungible token (NFT) marketplace, has announced a partnership with the team behind President Donald Trump’s memecoin to create an official “TRUMP-branded cryptocurrency wallet.”
This new product, aptly named the TRUMP Wallet, will not only feature Trump’s likeness and name but will also support trading of the TRUMP token alongside other digital assets, including Bitcoin (BTC).
TRUMP Wallet Opens Waitlist Amid Controversy
The waitlist for the TRUMP Wallet opened on Tuesday at TrumpWallet.com, with a broader launch expected later this summer, as confirmed by a spokesperson from Magic Eden.
In a promotional push, the project is being marketed as “the first and only crypto wallet for true Trump fans,” enticing users with the opportunity to share in $1 million worth of the memecoin rewards. Those who sign up and refer friends will be able to enhance their position on the waitlist.
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Interestingly, Eric Trump, who has been involved in various cryptocurrency initiatives linked to his father, expressed surprise at the project. He took to social media platform X (formerly Twitter) to assert, “I run @Trump and I know nothing about this project!” In a follow up social media post, Eric further said:
This project is not authorized by @Trump. @MagicEden I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.
KYC Details Still Unclear
The announcement was shared by the official TrumpMeme account, but further details about the partnership, including terms of revenue-sharing and potential Know Your Customer (KYC) requirements for users, remain unclear.
This initiative is part of a larger strategy to boost engagement in Trump-related cryptocurrency ventures, which have been gaining momentum in recent months.
The Presidential family’s expanding crypto portfolio already encompasses a variety of digital assets, including non-fungible tokens, a stablecoin, a decentralized finance platform with its own virtual token, and memecoins named after both Donald Trump and the First Lady.
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Magic Eden’s CEO recently attended a fundraiser dinner hosted by Trump for previous winners of a TRUMP coin contest, further solidifying the ties between the two entities. It appears that the TRUMP Wallet will be built on the Slingshot Finance platform, a self-custodial trading application acquired by Magic Eden in April.
Slingshot is known for featuring various meme tokens, such as Bonk Inu (BONK) and Fartcoin (FARTCOIN), and does not directly collect user identity information; instead, this is managed by MoonPay, the app’s fiat on-ramp provider.
When writing, the official memecoin launched by the President’s team trades at $11, recording losses of 12% and 21% on the seven and fourteen days time frame respectively.
Featured image from NBC, chart from TradingView.com