Trump Wallet Announcement Spirals into Confusion
The crypto world was rocked when a Trump-branded crypto wallet was announced, only for the Trump family's sons to firmly state they had no part in it. The June 3 announcement promised the 'Official $TRUMP Wallet by President Trump' in collaboration with NFT marketplace Magic Eden and the creators of Trump's memecoin. However, Eric, Barron, and Donald Trump Jr. denied any familial involvement, declaring, 'we know nothing about it.' To add a twist, Donald Trump Jr. noted that World Liberty Financial, the family's crypto platform, would be launching their official wallet soon.
Crypto skeptic Molly White called the situation 'absolute chaos,' speculating a communication breakdown between various Trump-connected entities. Information on the Trump Wallet website suggests a partnership with Magic Eden and GetTrumpMemes.com, the latter co-owned by a company linked to the Trump Organization.
Classover Jumps into Crypto with $500M Solana Reserve
Classover, a K-12 education company, is diving into crypto by forming a Solana reserve. They plan to issue up to $500 million in senior convertible notes, allocating 80% of the funds to purchasing Solana (SOL). On June 2, Classover kickstarted its reserve by purchasing 6,472 SOL, worth approximately $1.1 million.
This expansion into crypto aligns with a trend of businesses augmenting their primary operations with crypto strategies. Following the announcement, Classover's shares soared by 46.5% to $5.45 on Nasdaq. With a $400 million equity purchase agreement also in place, Classover is poised to wield an impressive $900 million in Solana purchasing power.
Revolut Plans Crypto Derivatives Venture
Revolut, the fintech giant, is eyeing a foray into the crypto derivatives market, as evidenced by a job listing for a 'General Manager (Crypto Derivatives)'. The position will oversee the creation of a derivatives platform, encompassing product design, trading infrastructure, and compliance. Revolut's aim is to build 'one of the most trusted, scalable, and profitable derivatives offerings in the world,' leveraging its vast 50 million-strong customer base.
The move reflects Revolut's commitment to expanding its crypto offerings, coming just after its announcement to invest over 1 billion euros in France and seek a local banking license. 'We’re hiring to enhance our crypto offerings across multiple markets,' said a Revolut spokesperson, noting that these efforts are still in the early stages.
