Trump Media and Technology Group (DJT), the company that operates the Truth Social Social Network Site, announced Wednesday that it will launch a financial services platform that focuses on cryptography and personalized funds that are quoted on the stock market.
The company’s board approved an investment of up to $ 250 million in the main asset manager Charles Schwab (Schw). The funds can be assigned to separately administered (SMA) accounts, personalized bags (ETF) and bitcoin (BTC) and similar cryptocurrencies or values related to cryptocus, according to a presentation to the stock exchange and values commission.
Charles Schwab will also widely advise on investments and truth strategy. FI, according to the press release.
“Truth.fi is a natural expansion of the social movement of truth,” said the CEO and president of Trump Media, Devin Nunes, in a statement. “We start creating a social media platform for freedom of expression, we add an ultra fast TV transmission service, and now we are moving to investment products and decentralized finance.
DJT shares are higher by 10.4% on Wednesday after the news.
Truth.fi is the last effort of companies affiliated with Donald Trump in the digital asset space. Trump and his family supported the Protocol of Decentralized Finance (DEFI) World Liberty Financial. Trump also launched a “official” memecoin in Solana a few days before its inauguration of January 20, lighting a speculative frenzy between cryptographic merchants and supplying several figures of the cryptographic industry.
