Outside Source
President Donald Trump’s media firm has launched Truth.Fi to expand into financial services and cryptocurrency investments like Bitcoin.
Billionaire entrepreneur and two-time U.S. president Donald Trump has furthered his crypto ambitions by launching Truth.Fi through his media company, Trump Media & Technology Group.
A Jan. 29 press release said Truth.Fi will allocate up to $250 million of the firm’s $700 million cash reserves to diversify its balance sheet, as approved by the board.
According to the statement, the capital will target a swathe of investment options, including “Bitcoin and similar cryptocurrencies or crypto-related securities,” separately managed accounts or SMAs, and exchange-traded funds, AKA ETFs.
TMTG’s foray into financial services followed a trademark application filed last November. Trump’s company was reportedly considering the acquisition of Bakkt, a licensed crypto service provider. The U.S. president has also expressed support for the decentralized finance protocol World Liberty Financial.
Through Trump Media, which operates Truth Social, WLFI, two official Solana-based meme coins, and millions in digital assets, Trump is the first U.S. president to show ties to the cryptocurrency industry.
Crypto advocates believe his involvement could encourage a more favorable regulatory environment for digital asset businesses. Meanwhile, skeptics like Senator Elizabeth Warren have scrutinized Trump’s picks, including Howard Lutnick, over their ties to the crypto industry.
This article first appeared at crypto.news
