Introduction
Publicly traded video platform Rumble has launched Rumble Wallet, a non-custodial crypto wallet embedded directly into its service, built with support from stablecoin giant Tether and payments infrastructure provider MoonPay. The wallet, supporting Tether’s USDT and XAUT tokens alongside Bitcoin, aims to empower the platform’s creator economy through crypto payments and tipping. However, the strategic product launch coincides with significant financial struggles for Rumble, whose stock (RUM) has fallen more than 50% over the past year.
Key Points
- The wallet is the first production use of Tether's Wallet Development Kit (WDK), signaling a strategic expansion for the stablecoin issuer beyond its core business.
- Tether has a deep financial entanglement with Rumble, including a major $775 million investment and backing for acquisitions, tying its fortunes closely to the platform's success.
- The launch directly targets the platform's 'creator economy,' enabling new monetization through crypto tipping, which could differentiate Rumble in the competitive video streaming market.
A Strategic Product for a Decentralized Vision
The launch of Rumble Wallet represents a concrete step in merging the platform’s stated ethos of free speech and liberty with the mechanics of cryptocurrency. Built using Tether’s Wallet Development Kit (WDK) and MoonPay’s payment rails, the non-custodial wallet is directly integrated into the Rumble platform. It initially supports three digital assets: Tether’s dollar-pegged stablecoin USDT, its gold-backed token XAUT, and Bitcoin (BTC). This move is designed to facilitate crypto payments and, notably, tipping for content creators, providing a new avenue for monetization within Rumble’s ecosystem.
Rumble founder and CEO Chris Pavlovski framed the wallet as a natural extension of the company’s core principles. “Rumble represents free speech and liberty the same way that cryptocurrency and a decentralized internet represent freedom, and Rumble Wallet is the natural combination of those things,” he said in a statement. The product, first detailed in July and bolstered by Tether’s announced involvement in October, is now the first real-world implementation of Tether’s WDK, marking a strategic expansion for the stablecoin issuer beyond its core business of minting tokens.
Tether's Deep Financial Stake in Rumble's Success
The wallet collaboration is underpinned by a profound financial relationship between the two companies. Tether’s commitment to Rumble extends far beyond technical support. In 2024, Tether committed a substantial $775 million investment into the video-sharing firm. This deep entanglement was further evidenced in November when Tether added another 1 million shares and provided financial backing for a Rumble acquisition. This level of support ties Tether’s fortunes closely to Rumble’s ability to grow and succeed in the competitive streaming landscape.
Tether CEO Paolo Ardoino emphasized the ideological alignment in the announcement, stating the wallet champions “technologies that break boundaries and promote freedom, decentralization, and the fundamental right to free expression.” He added that Rumble Wallet would give “tens of millions of users more control than any platform has offered before.” For Tether, the wallet serves as both a strategic product testbed for its WDK and a venture to bolster a platform in which it has a nine-figure equity stake.
A Launch Amidst Market Challenges
Despite the strategic fanfare of the product launch, Rumble’s market performance tells a different story. On the day of the Rumble Wallet announcement, shares of RUM dipped slightly, trading around $6.69, a drop of approximately 0.5%. More significantly, the stock has plummeted more than 50% over the last year of trading, according to data from Yahoo Finance. This stark decline highlights the substantial challenges facing the company, even as it rolls out new initiatives aimed at differentiating its platform and bolstering its creator economy.
The launch directly targets Rumble’s “creator economy,” enabling new monetization through crypto tipping—a feature that could potentially attract creators and users seeking alternative revenue streams. However, whether this technological foray can translate into improved user growth, engagement, and ultimately, financial stability for the publicly traded firm remains a critical open question. The product represents a bet on crypto-enabled features as a key differentiator, launched against a backdrop of persistent investor skepticism reflected in the stock’s year-long slide.
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