Trump Memecoin Wallet Spurs Divide Among Family’s Crypto Camps

2025-06-03 20:05:40

(Bloomberg) — There appears to be a divide among the various crypto-entities affiliated with President Donald Trump.

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The NFT marketplace Magic Eden said Tuesday that it’s partnering with the team behind Trump’s memecoin and other ventures to offer a Trump-branded digital wallet and trading application.

After reports of the memecoin wallet partnership were published, Donald Trump Jr. said in a posting on X that the Trump Organization had “zero involvement” in the product and that the family’s World Liberty Financial crypto project will be launching its own wallet soon.

A spokesperson for Magic Eden told Bloomberg News that the firm is working on the app, but couldn’t share a launch date yet. A representative for GetTrumpMemes.com, which is run by long-time Trump collaborator Bill Zanker, didn’t immediately return a request for comment. Magic Eden has worked with Zanker on his Trump NFT collections.

Available at trumpwallet.com, the app will facilitate trading in the Trump memecoin as well as other cryptocurrencies on major blockchains, and will let users self custody coins and manage their digital assets.

The wallet partnership is the latest of several crypto ventures involving the president, his family or associates that have generated concern about potential conflicts of interest. Last month, Senator Richard Blumenthal of Connecticut accused World Liberty of reaping “substantial financial benefits for its founders and the Trump family.” World Liberty dismissed the allegations.

Three members of the Magic Eden team, including its Chief Executive Officer Jack Lau, attended the recent dinner with Trump and holders of his memecoins that inflamed the controversy about the president’s crypto ties.

The Trump memecoin was issued a few days before Trump’s inauguration, and its market capitalization peaked at nearly $15 billion before crashing; it currently stands at $2.31 billion, according to crypto tracker CoinMarketCap.com. The coin’s issuer is pushing for its use in e-commerce and other applications as a way to increase its user base and usefulness.

Last year, Magic Eden expanded beyond NFTs, launching its first mobile wallet app allowing for trading of NFTs as well as swapping cryptocurrencies such as Bitcoin, Ether and Solana. Then earlier this year, Magic Eden bought Slingshot Finance, a fast-growing mobile-first crypto trading app, competing with centralized crypto exchanges.

Story ContinuesUsers who sign up for a waiting list for the app are being offered prizes in Trump memecoin, according to the site. Entrants will receive referral links, which they will be able to share with others, and successful referrals could result in winnings of the memecoin.

—With assistance from Nathaniel Popper.