Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
Share
Magic Eden announced a Trump-branded crypto wallet this week, but the launch drew immediate backlash from the Trump family, showing growing tensions between political branding and crypto ventures.
The major NFT marketplace announced Tuesday that it had partnered with the team behind the $TRUMP meme coin to roll out the “Official $TRUMP Wallet.”
The wallet, now available for waitlist sign-ups at TrumpWallet.com, promises users the ability to trade $TRUMP tokens and other cryptocurrencies including Bitcoin. A promotional sweepstakes tied to the launch dangles a $1 million prize pool in $TRUMP rewards.
Eric Trump, however, was quick to reject any affiliation. He stated that the project is not authorized by Trump, and warned Magic Eden to exercise extreme caution when using their name for a venture that hasn’t been approved by anyone within their organization.
“I run @Trump and I know nothing about this project!” he posted on X, tagging the project’s lead partners.
His brother, Donald Trump Jr., also denied involvement, adding that the family is working on a separate wallet through World Liberty Financial.
However, notably, the Magic Eden wallet announcement was reshared by the official TrumpMeme account on X.
Magic Eden didn’t return Cryptonews’ request for comment by press time.
The backlash has cast a shadow over what was pitched as a flagship crypto product for Trump supporters. On X, the project’s now-suspended @TrumpWalletApp account had claimed it was “the first and only crypto wallet for true Trump fans.”
Magic Eden Aims for Mass Adoption, But Trump Ties Complicate Rollout
Magic Eden CEO Jack Lu described the wallet as a step toward bringing more mainstream users into crypto.
The product appears to be built on Slingshot Finance, a self-custodial trading app that Magic Eden acquired in April. Slingshot supports popular meme tokens like BONK and FARTCOIN. It does not handle identity verification directly. Instead, that process is delegated to MoonPay, its fiat on-ramp provider.
However, several details remain unclear. It is not yet known whether the Trump Wallet will implement its own compliance procedures. Nor is it clear how revenue or responsibilities will be divided among the involved parties.
Over the past year, Trump-affiliated entities have steadily expanded their presence in crypto. They launched a Bitcoin mining venture and issued a series of NFTs. In addition, they promoted a stablecoin linked to their ecosystem. More recently, they teased plans for crypto ETFs through TruthFi, the financial arm of Truth Social.
In May, Trump hosted a black-tie dinner for top $TRUMP coin holders, blending campaign efforts with crypto fundraising.
But the wallet controversy punctuates the blurry line between public branding and private endorsement in the crypto industry.
With major political figures now tied to meme coins and wallets, even loosely, the line between official ventures and opportunistic branding has become increasingly consequential.
Credit: Source link
