Crypto.com Partners with Donald Trump’s Truth Social for ETFs

This morning, Donald Trump’s publicly-traded Truth Social operator announced that it has chosen Crypto.com as a launch partner for ETFs containing bitcoin (BTC), Cronos (CRO), and other crypto assets “with a Made in America focus.”

The partnership is curious for many reasons, particularly given Crypto.com’s history not rooted in America. CEO Kris Marszalek has spent most of his career in Singapore and Hong Kong, and Crypto.com’s main headquarters is in Singapore, with a North American division based in Texas.

The giant crypto exchange has also previously offered a debit card powered by Germany-based Wirecard and established a regional headquarters in France.

However, Crypto.com’s non-U.S. operations pale in comparison to its concerning financial history.

Un-burning CRO to Inflate Supply by 156%

Just this month, a Crypto.com subsidiary proposed reversing its 70 billion CRO token burn. This action would not only go back on a pledge but also more than double the current circulating supply of about 27.4 billion.

This incredible reversal of a 2021 promise is purportedly aimed at “making America the world capital of crypto.” Such a drastic change on one fundamental characteristic of a crypto asset — its supply — further exemplifies Crypto.com’s history of dubious promises.

Read more: Crypto.com added to alert list in Poland months after Dutch bank fine

For instance, the company previously promised an audited proof of reserves, but after Mazars Group distanced itself from one of its attestations, no formal audit materialized. The exchange has not released lesser proof of reserves since 2022.

Crypto.com also once touted up to 8% cashback on debit card purchases and 12% rewards for significant CRO staking; these rewards, however, could not compensate someone who staked CRO near its peak price of $0.98 on November 24, 2021. Notably, around this time, Crypto.com announced its intention to rename the Los Angeles Lakers’ stadium.

Currently, CRO remains more than 85% below that all-time high, despite today’s 30% surge following its association with Trump’s ETF announcement.

CRO is Good Enough for Trump, Apparently

Today, blockchain analysts are uncovering Crypto.com’s historical misdeeds in light of the recent Donald Trump news. For instance, the company opted for Wirecard as a card issuer before that company declared insolvency in June 2020. Wirecard is now seen as one of the largest frauds in German history.

In 2009, a judge described Marszalek’s testimony as unreliable. Marszalek also previously led a multi-million dollar company that collapsed in 2016.

Understandably angered about this month’s decision to dilute token holders by 156%, many were left bewildered that the president of the United States would partner with a company that has such a controversial history, choosing its token for an ostensibly “Made in America-focused” ETF.

Protos has reached out to Crypto.com and Trump Media & Technology Group but had not received a response by publication time.