TMTG will allocate $250 million into investments, Bitcoin, crypto, and crypto-related securities as part of the Truth.Fi rollout.
It will offer traditional investment options as well as DeFi, crypto, and custom ETF options.
The firm’s stock (DJT) jumped some 15% in pre-market trading upon the announcement.
The U.S. President’s foray into cryptocurrency deepens as Trump Media and Technology Group (TMTG) announces crypto and customized exchange-traded traded fund (ETF) platform, Truth.Fi—raising some concerns over conflict of interest.
Trump’s Truth.Fi
As per the sparsely detailed announcement from TMGT, the firm behind Truth Social and Truth+ is launching a brand new financial technology (FinTech) platform offering crypto and custom ETF services called Truth.Fi.
In addition to offering “traditional investment vehicles,” the firm is diversifying its $700 million in reserves with a $250 million investment in the rollout.
This allocation may be placed into investment accounts, which include Bitcoin (BTC), crypto, and “crypto-related securities.”
TMGT group CEO wrote:
“Truth.Fi is a natural expansion of the Truth Social movement” adding, “and now we’re moving into investment products and decentralized finance.”
He explains that creating “American-first” DeFi and investment products furthers the firm’s aims of building censorship-free services from social media to banking and privacy.
It’s unclear at this point if Truth.Fi will have any connection to Trump’s other DeFi project, World Liberty Finance (WLFI).
Conflict of Interest?
Following a fresh rollout of non-fungible tokens (NFTs), the staggered but now successful WLFI token sale, and the launch of his OFFICIAL TRUMP (TRUMP) memecoin, it’s hard to see how there isn’t a conflict of interest.
Touted as the first pro-crypto U.S. President, Trump and his administration are preparing to completely reverse crypto policies and regulations imposed by Joe Biden’s government.
Naturally, the markets have been responding positively in anticipation of such developments, which favors the Trump empire.
Crypto loves Trump despite the obvious grift.
At present, the WLFI token sale has almost achieved its extended cap of 25 billion. Having targeted $300 million for its initial raise, the sale got off to an extremely slow start.
Eventually, it achieved its goal of shifting 20 billion tokens at $0.015 a piece and then decided to extend this by another 5 billion tokens priced at $0.05.
It has since sold 3.65 billion of these premium-priced tokens, raising an additional $182.5 million.
Even his NFT collection gave the presumed-dead class of crypto collectibles a jolt of life, prompting a trading frenzy ahead of his inauguration.
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