[NEWS] Trump Media launches "Truth.Fi" to invest in Bitcoin and other cryptocurrencies

On the 29th, Trump Media and Technology Group, President Trump's media company, launched a financial platform called "Truth.Fi" that focuses on Bitcoin (BTC) and similar cryptocurrencies, as well as cryptocurrency ETFs.

According to the announcement, as of December 31 last year, Trump Media had over $700 million in cash and cash equivalents. Of that, it plans to invest up to $250 million. The investments will be in customized separately managed accounts (SMAs) and exchange-traded funds (ETFs), as well as Bitcoin and similar cryptocurrencies and cryptocurrency ETFs.

When making the investments, Charles Schwab Corp, a major U.S. financial institution, will provide advisory management for the broad range of investments.

Devin Nunes, CEO and Chairman of Trump Media, said in the announcement, "Truth.Fi represents a natural expansion of the Truth Social movement. We started by creating a free social media platform, added a lightning-fast TV streaming service, and are now moving into investment products and decentralized finance."

He continued, "Developing an American-first investment vehicle is another step toward building a robust ecosystem to protect American patriots from the ever-present threats of censorship, debanking, and privacy violations by Big Tech and woke corporations." The company plans to begin rolling out Truth.Fi services in 2025, following regulatory approval.

President Trump has been making headlines related to crypto assets, such as issuing an official meme coin called TRUMP just before taking office. Since taking office, he has emphasized that he will make the United States the "center of crypto assets," and expectations from the industry remain high.

The price of TRUMP continues to fluctuate wildly, but some reports say that some services are considering adopting it as a payment currency. At this time, it is said that services related to President Trump are expected to accept payments in TRUMP and Bitcoin.

Reference: Announcement
Image: Shutterstock

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