Trump Media & Technology Group (TMTG), the company behind the social media platform Truth Social, is teaming up with Crypto.com to create new investment funds called exchange-traded funds (ETFs). These ETFs will be offered under TMTG’s financial brand, Truth.Fi.
ETFs are baskets which contain a collection of investments like stocks and cryptocurrencies. It makes things easy for people to invest on multiple assets at a go thereby facilitating diversification of the investments. In this case, the planned ETFs will have a blend of digital currencies like Bitcoin and Cronos (Crypto.com’s own token) along with shares from companies that are focused on the U.S. economy.
On the technical side, they have Crypto.com, which will provide the ETFs with the technology, the secure storage and the actual cryptocurrencies. The aim is to back crypto projects that are innovative and American companies strong without participating in political debates. According to Devin Nunes, CEO at TMTG, they want to provide investment options that are in line with those values and with which the investors want to invest and support U.S. companies that are high growth and technology focused.
Crypto.com’s CEO Kris Marszalek said he was proud to be partnering with TMTG. They will be available within Crypto.com’s app which has 140 million users worldwide and will provide more choices for consumers, he added.
The launch of these ETFs depends on final agreement with other market participants, as well as approval from regulators some time later this year. They would be accessible internationally such as the United States, Europe and Asia, augmenting the presence of TMTG in financial services.
It is an important step for TMTG as it breaks into the world of financial technology and cryptocurrency, looking to give people around the world new investment opportunities.
Also read: Crypto Expert Weighs In: Will XRP Ever Flip Ethereum? Here’s the Truth
