Trump Media and Technology Group (DJT), the company that runs the Social Media Site Truth Social, announced on Wednesday that it is launching a platform for financial services focusing on crypto and customized stock -traded funds.
The company’s board of directors approved an investment of up to $ 250 million with Major Asset Manager Charles Schwab (Schw). The funds can be allocated to customized separate managed accounts (SMAs), customized stock-traded funds (ETFs) and Bitcoin (BTC) and similar cryptocurrencies or crypto-related securities, according to a filing for Securities and Exchange Commission.
Charles Schwab will also largely advise on truth.Fi’s investment and strategy, according to the press release.
“Truth. Fi is a natural expansion of the social movement of truth,” Trump Media CEO said, and President Devin Nunes in a statement. “We started by creating a free-talk social media platform, added an ultra-fast TV streaming service, and now we are moving into investment products and decentralized financing.
DJT shares are higher with 10.4% Wednesday after the news ..
Truth.Fi is the latest endeavor of Donald Trump-affiliated companies in the digital asset space. Trump and his family supported the decentralized funding (defi) protocol world Liberty Financial. Trump also launched an “official” Memecoin on Solana a few days before his January 20 inauguration, igniting a speculative madness among crypto traders and annoying more crypto industry figures.
