Magic Eden, a prominent non-fungible token (NFT) marketplace, has announced a significant partnership with the team behind President Donald Trump’s memecoin to develop and launch an official “TRUMP-branded cryptocurrency wallet.” This new digital wallet, named the TRUMP Wallet, is designed to feature President Trump’s likeness and name. It will facilitate the trading of the TRUMP token and other digital assets, including Bitcoin (BTC).

The waitlist for the TRUMP Wallet became available on Tuesday via TrumpWallet.com, with a full-scale launch anticipated later this summer. To incentivize early adoption, the project is being marketed as “the first and only crypto wallet for true Trump fans.” A promotional campaign offers a share in $1 million worth of memecoin rewards for users who sign up and refer others, thereby improving their position on the waitlist. The TRUMP Wallet is reportedly being built on the Slingshot Finance platform, a self-custodial trading application that Magic Eden acquired in April. Slingshot is known for supporting various meme tokens and manages Know Your Customer (KYC) processes through its fiat on-ramp provider, MoonPay, rather than collecting user identity information directly.

Despite the official announcement, the project has sparked controversy and confusion, notably from within the Trump family. Eric Trump publicly stated his lack of awareness regarding the wallet, posting on X (formerly Twitter): “I run @Trump and I know nothing about this project!” He further warned Magic Eden about using the Trump name for an unapproved project, stating, “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.” Donald Trump Jr. also claimed no prior knowledge of the initiative. Details concerning the partnership's terms, such as revenue-sharing agreements and specific KYC requirements for users of the TRUMP Wallet, remain undisclosed by the official TrumpMeme account that shared the announcement.

This wallet initiative is part of a broader strategy to enhance engagement with Trump-related cryptocurrency ventures, which have seen growing momentum. The Trump family’s involvement in the crypto space already includes a diverse portfolio of digital assets such as NFTs, a stablecoin, a decentralized finance (DeFi) platform with its own token (reportedly run by his sons), and memecoins associated with both Donald Trump and the First Lady. Further strengthening these ties, Magic Eden’s CEO, Jack Lu, recently attended a fundraiser dinner hosted by Trump for winners of a TRUMP coin contest. Lu confirmed the wallet project, highlighting that while many users currently prefer centralized exchanges, true crypto innovation occurs on-chain. He also teased that “more fun use cases” for the wallet are planned beyond simple Bitcoin and Ethereum trading.

The expansion of Trump-branded crypto ventures, which also includes a mining firm and a planned video game, alongside Trump Media’s recent Bitcoin treasury purchase, has drawn criticism. Concerns have been raised about potential conflicts of interest, particularly as Trump’s previous administration has shown interest in easing cryptocurrency regulations. Critics, such as Public Citizen co-president Robert Weissman, have voiced strong disapproval, labeling Trump’s blockchain empire “one of the most corrupt innovations in American political history.” These concerns were amplified following accusations that Trump used memecoins for pay-to-play access at a high-level donor dinner. As of this writing, the official TRUMP memecoin was trading at $11, experiencing losses of 12% and 21% over the preceding seven and fourteen days, respectively. It is important to note that information regarding these ventures is often presented for informational purposes only, and past performance is not indicative of future results; individuals should conduct their own research before making any investment decisions.