The Trump family media group has agreed a multibillion-dollar deal to buy the token issued by crypto exchange Crypto.com, further deepening the ties between the US president’s businesses and the digital asset industry. 

Trump Media & Technology Group, which is controlled by Donald Trump’s family and runs the Truth Social app, said on Tuesday that it had agreed a $6.4bn deal to create the “first and largest publicly traded CRO treasury company”. CRO is the native token of Crypto.com’s blockchain, Cronos.

It marks the latest crypto deal by a business affiliated with the US president at a time when he has championed the industry, welcoming executives into the White House and pushing forward landmark laws overseeing the sector, while simultaneously receiving millions of dollars in funding from crypto companies for his campaigns.