The Trump Media company is moving into the financial service/FinTech space.The Truth.Fi platform, announced by the company Wednesday (Jan. 29) will focus on cryptocurrency and customized exchange traded funds (ETFs).According to the announcement, the new offering will feature separately managed accounts, ETFs and bitcoin investments in partnership with Charles Schwab, which will “broadly advise” on investments and strategy. The company will invest up to $250 million of its $750 million to be held by Schwab.Devin Nunes, the group’s CEO, said the launch 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.”Truth.Fi is the latest in a series of crypto-related ventures tied to Trump. Earlier this month, the president introduced a meme coin, which is now — as covered here Wednesday — being accepted by some Trump-branded product sellers as a form of payment.It’s all happening as the White House takes a more pro-crypto approach to digital asset regulation, following an election in which close to half of all corporate donations came from crypto companies. In addition to Trump, 250 “pro crypto” members of Congress and 16 “pro crypto” senators were elected last year.“Now that Trump is sitting in the White House, the sector is increasingly keen to discover what exactly the return on its investment might be,” PYMNTS wrote this week. “As a candidate, Trump made numerous sweeping promises and appeals to the crypto industry. As a president, he has yet to mention bitcoin in an official capacity.”All the same, Trump issued an executive order Jan. 23 mandating a comprehensive draft of federal regulations governing crypto. That order also set up a working group to look into a national digital asset stockpile, while banning central bank digital currencies (CBDCs).The shift in crypto policy has changed the way some investment firms are operating. For example, venture capital firm Andreessen Horowitz is closing down its U.K. office amid a new focus on the American crypto sector following Trump’s election.“The investor opened the U.K. branch in 2023, its first outside the U.S., amid regulatory pressure in the U.S,” PYMNTS wrote Wednesday. “The move back could underscore a belief that the U.S. is once again a more favorable jurisdiction for blockchain innovation — at least under the current administration.”See More In: crypto, Cryptocurrency, digital assets, Donald Trump, ETFs, financial services, FinTech, FinTechs, News, PYMNTS News, Trump Media, Truth Social, Truth.Fi, What’s Hot
