Rumble Launches Cryptocurrency Wallet
Rumble, the publicly listed video streaming platform, has officially launched its own cryptocurrency wallet, known as Rumble Wallet, as of Wednesday. This new feature is designed to facilitate cryptocurrency transactions and tipping within its creator economy. The wallet employs the development kit provided by Tether, a leading stablecoin issuer, and leverages technology from MoonPay. As a non-custodial wallet, Rumble Wallet is seamlessly integrated into the Rumble platform, currently allowing users to utilize the USDT stablecoin (pegged to the U.S. dollar), Tether’s gold-backed token (XAUT), and Bitcoin (BTC).
Vision of Free Speech and Cryptocurrency
Chris Pavlovski, the founder and CEO of Rumble, emphasized the connection between the platform’s vision of promoting free speech and the ethos of cryptocurrency, stating, “Rumble embodies the principles of liberty, much like cryptocurrency and decentralized networks signify freedom. Rumble Wallet epitomizes this synergy effectively.”
He further expressed that this initiative empowers users and creators to actively engage and financially support their preferred content, which aligns with the core mission of free expression unique to Rumble.
Investment and Market Performance
Originally announced in July, the detailed rollout of the Rumble Wallet was enhanced by October’s announcement regarding Tether’s engagement and the expected support for crypto-based tipping. This launch marks the initial practical application of Tether’s Wallet Development Kit (WDK). Tether’s CEO, Paolo Ardoino, noted the company’s commitment to innovations that foster freedom and decentralization, underscoring that Rumble Wallet merges these principles into a single product designed to grant millions of users unprecedented control, surpassing offerings from any previous platform, including those based in the U.S.
Moreover, Tether’s interest in Rumble goes beyond just the wallet’s integration. Tether has pledged a significant investment of $775 million in Rumble for 2024. Recently, they also increased their stake by adding 1 million shares and financially supported a recent acquisition by Rumble.
Stock Market Performance
In stock market performance, Rumble’s shares (RUM) experienced a decline of approximately 0.5% on Wednesday, trading at about $6.69. Over the past year, the stock has seen a staggering downturn of more than 50%, as detailed by Yahoo Finance. As of now, Rumble has not provided a comment to requests from news outlets regarding these developments.
