Trump media firm invests $250m in new investment platform and ‘move into decentralised finance’
The US president's media company is creating a 'fintech brand' and offering investors accounts.
Another company with ties to President Donald Trump is entering the crypto industry.
Trump Media and Technology Group, or TMTG, the venture behind Trump’s social media platform Truth Social, is launching a new financial services company called Truth.Fi.
TMTG’s board of directors approved investing $250 million of the company’s cash holdings into Bitcoin, similar cryptocurrencies, exchange-traded funds, and other investment products that support the “Patriot Economy,” according to a company statement.
Charles Schwab, the Texas-based brokerage giant, will partner with TMTG to help manage investment accounts at Truth.Fi and advise the firm on investment strategy.
American patriots
The new venture comes a week after Trump and First Lady Melania Trump each launched memecoins, a move some in the crypto community decried as ‘radioactive’ and a ‘cash grab.’
Devin Nunes, the former California congressman and now TMTG’s CEO , also said that the company was moving into decentralised finance without providing details on what that would entail.
The company did not immediately respond to DL News’ request for comment.
“Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations,” said Nunes.
The company’s stock, DJT, has risen more than 10% premarket.
Trump made several promises to the crypto industry during his campaign, including establishing a Bitcoin reserve and ending the industry crackdown led by Gary Gensler., the former chair of the US Securities and Exchange Commission.
He and his sons also launched World Liberty Financial, a would-be decentralised finance project for lending dollar-pegged stablecoins.
It’s unclear whether Truth.Fi will have any ties to DeFi lending project.
Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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