Trump Media and Technology Group (TMTG), the company behind Truth Social, is venturing into financial services, announcing the launch of a new platform, Truth.Fi.
This initiative aims to invest up to $250 million into a variety of assets, including cryptocurrencies like bitcoin, and traditional investments in sectors such as American growth, manufacturing, and energy.
The new financial services platform comes after President Donald Trump’s continued support of the cryptocurrency industry, which he has championed during his political career.
Alongside his sons, Trump established World Liberty Financial, a crypto platform, last year.
Additionally, both Trump and First Lady Melania Trump launched memecoins earlier in January, a type of cryptocurrency that lacks a concrete business model or cash flow.
TMTG’s focus with Truth.Fi is to enhance the "patriot economy" and provide investment opportunities that align with American values.
The company’s ambition to integrate both traditional and digital assets reflects its broader goals to support domestic growth and protect American interests.
Devin Nunes, CEO of TMTG, described Truth.Fi as a "natural expansion of the Truth Social movement."
He added,
"American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations."
Nunes’ statement highlights the platform’s role in offering a financial solution for those seeking alternatives to traditional financial services and the potential pitfalls of large tech companies.
The launch of Truth.Fi, combined with the ongoing success of Truth Social, puts TMTG in a strong position to make an impact in both the digital media and financial sectors.
TMTG’s shares saw a 6.8% increase in New York following the announcement.
TMTG has partnered with brokerage Charles Schwab, which will provide asset custody services and broad advisory support for Truth.Fi's investment strategy.
While Schwab does not directly trade in cryptocurrencies, it has expressed openness to entering the crypto space should regulations allow for it.
This collaboration may signify a wider acceptance of digital assets in traditional financial systems.
The partnership comes after the US Securities and Exchange Commission (SEC) made it easier for banks to hold crypto assets on behalf of clients, indicating a shift towards more mainstream financial services involvement in the digital asset market.
TMTG’s cash reserves were reported at over $700 million at the close of 2024, a solid financial backing for the launch of Truth.Fi.
With these reserves, the company is well-positioned to drive its expansion into both crypto and traditional asset management.
Adding another layer to the growing connection between Trump’s loyalists and the crypto industry, Chris LaCivita, a key figure in Trump’s presidential campaigns, was appointed to the global advisory board of cryptocurrency exchange Coinbase.
This move further solidifies the strong ties between the Trump camp and the burgeoning digital asset sector.
Truth.Fi’s launch coincided with another major announcement in the social media and financial services space.
Elon Musk’s X platform, formerly known as Twitter, revealed a partnership with Visa to create a financial services platform called X Money Account, set to launch a peer-to-peer payment service later this year.
This development highlights a growing trend among social media companies to enter the financial services sector, adding competitive pressure to Truth.Fi’s own ambitions.
As TMTG pushes forward with Truth.Fi and its broader financial services goals, it will undoubtedly face both challenges and opportunities in a rapidly evolving sector.
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