Trump media expands to fintech and cryptocurrency-stocks make rapid progress
Trump Media and Technology Group Announced planning to enter financial services. The company will conduct a $ 250 million initial investment on its new ETF and Crypto platform, called Truth.Fi.
Trump Media and Technology (TMTG) is very beneficial to the rumor's interest in rumors to financial services.
According to the press release, TMTG announced that its board of directors approved the company's financial services and financial technology expansion under the new brand Truth.Fi. The company will invest $ 250 million in about $ 680 million in cash to the platform. TMTG said Charles Schwab will provide the monitoring of the money.
The company said that these investment will be used for “traditional investment tools”, custom ETFs and cryptocurrencies including Bitcoin.
On Wednesday morning, TMTG stock rose 10 %.
Truth.Fi is the latest digital asset in the TMTG investment portfolio. The company's major shareholder is President Donald Trump, starting with the truth of the social media platform. Last year, it expanded to a video stream and developed a free independent application called Truth+. In the past few months, several signs have shown that TMTG is considering getting involved in fintech. It is reported that it has a merger negotiation with the Fintech platform BAAKT. Kelly Loeffler, the former CEO of the platform, is a Republican Senator from 2020 to 2021. Soon after that, TMTG submitted a trademark application called Truth.Fi.
TMTG CEO DEVIN NUNES said the move was the “movement” of the company and its creation as “natural expansion”.
“The development of the first investment tool for the United States is another step in our goal of establishing a powerful ecosystem in the press release.
TMTG's efforts to establish emerging technical holdings are concentrated on the creation system, hoping that it can make it unable to rely too much on other suppliers. For example, the company has established its own content delivery network for its streaming media, instead of obtaining licenses from third parties.
Trump aimed at two major US banks this month aimed at two major US banks. At the World Economic Forum in Davos, Switzerland, Trump scolded the Bank of America CEO Brian Moynihan and JPMORGAN Chase CEO Jamie Dimon, CEO Jamie Dimon, He believes that he refuses to serve conservatives.
Trump said: “Many conservatives complain that banks will not allow them to start their business in the bank.” “I hope you will open banks to conservatives, because what you do is wrong.”