- Trump’s Truth Social has selected crypto.com as a partner for “Made in America” focused crypto ETFs despite the company’s primarily international operations.
- Crypto.com recently proposed reversing a promised token burn that would increase CRO supply by 156%, raising questions about the company’s reliability.
- Despite CRO being 85% below its all-time high, the token surged 30% following the Trump partnership announcement.
Donald Trump‘s Truth Social operator has formed an unexpected partnership with Crypto.com to launch cryptocurrency ETFs containing Bitcoin, Cronos (CRO), and other digital assets under a “Made in America focus.” The announcement this morning raises eyebrows given Crypto.com’s predominantly non-American origins and controversial financial history.
The “Made in America” marketing seems at odds with Crypto.com’s international roots. CEO Kris Marszalek built his career primarily in Singapore and Hong Kong, with the company’s global headquarters currently based in Singapore. While the company maintains a North American division headquartered in Texas, its operational history spans multiple countries, including debit card services previously powered by Germany-based Wirecard and a regional base in France.
More concerning than its international footprint is Crypto.com’s questionable financial track record. Earlier this month, a Crypto.com subsidiary proposed reversing a 70 billion CRO token burn that was promised in 2021. This reversal would dramatically inflate the token supply by 156% from the current circulation of approximately 27.4 billion tokens. The company justified this dramatic shift by claiming it would support “Making America the world capital of crypto.”
This isn’t the first time Crypto.com has backtracked on commitments. The exchange previously promised but never delivered audited proof of reserves after Mazars Group distanced itself from an attestation. No formal audit has materialized, and the company hasn’t released even less stringent proof of reserves since 2022.
Users who were attracted by Crypto.com’s once-advertised rewards programs—offering up to 8% cashback on debit card purchases and 12% rewards for significant CRO stakers—have seen the value of their investments plummet. CRO reached its peak price of $0.98 on November 24, 2021, around the time the company announced plans to rename the Los Angeles Lakers’ stadium. Today, despite a 30% surge following the Trump partnership news, the token remains more than 85% below that all-time high.
The selection of Crypto.com by Trump’s media company has prompted blockchain researchers to highlight additional historical concerns. Before its insolvency in June 2020, Wirecard—now recognized as one of the biggest frauds in German history—served as Crypto.com’s card issuer. CEO Marszalek’s credibility has also been questioned; in a 2009 case, a judge called his testimony unreliable, and he previously led a multi-million dollar company that collapsed in 2016.
Community members have expressed frustration over the recent reversal of a token burn commitment, questioning why a “Made in America-focused” ETF would include CRO given the company’s questionable practices and non-American origins.
Neither Crypto.com nor Trump Media & Technology Group responded to requests for comment before publication.
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