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The newly revealed Truth.Fi marks another foray into cryptocurrencies by the US president and his associates.
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The Trump Media and Technology Group (TMTG), a media conglomerate partially owned by US President Donald Trump, has announced that it is expanding its operations into financial services and cryptocurrencies under the name Truth.Fi.
According to the Jan. 29 announcement, the company will offer separately managed accounts in partnership with the bank Charles Schwab, customized exchange-traded funds, and cryptocurrency services.
TMTG CEO — and White House official — Devin Nunes said the development of Truth.Fi could protect Americans from being debanked and characterized the platform as a free speech alternative to Big Tech options. Nunes also serves as chairman of the President’s Intelligence Advisory Board.
This latest development follows months of speculation that the conglomerate would expand to crypto services and is another signal that digital asset regulation is experiencing a sea change under the Trump administration.
Related: Crypto Biz: Trump’s arrival marks a pivotal shift for digital assets
Trump family bets big on crypto
In September 2024, President Trump announced the launch of World Liberty Financial, a decentralized finance (DeFi) platform.
At the time, the announcement drew mixed reactions from market participants regarding the timing and sustainability of the project.
According to Arkham Intelligence, World Liberty has accumulated over $394 million worth of cryptocurrencies, including over 62,000 Ether (ETH), 646 Wrapped Bitcoin (WBTC), and more than 19,000 Lido Staked Ether (stETH).
The DeFi platform purchased over $100 million in cryptocurrencies on Jan. 20, the president’s inauguration day, doubling down on its ETH and WBTC holdings.
World Liberty Financial’s crypto holdings. Source: Arkham Intelligence
World Liberty Financial also began securing Trump-related Ethereum Name Service (ENS) domain names ahead of Trump’s inauguration.
The ENS names included barrontrump.eth, erictrump.eth, trumpcoin.eth and worldliberty.eth — leading to speculation about the Trump family’s future plans in the digital asset markets.
Ethereum co-founder Joe Lubin said the acquisition of ETH, which is World Liberty Financial’s largest holding by dollar value, and the ENS names signal the Trump family may build businesses on Ethereum.
However, the Trump family has made no official announcement about building another business or additional protocols on the Ethereum network at this time.
Magazine: DeFi and Ethereum are the ‘new narrative’: Michaël van de Poppe, X Hall of Flame
This article first appeared at Cointelegraph.com News
