Trump Media launches fintech services brand amid crypto boom

By- Admin Wednesday, 29 January 2025 (GMT-5) Image Credit -Pexels

Jan 29 (Reuters) - Truth Social parent Trump Media & Technology Group (DJT.O), said on Wednesday its board of directors approved the launch of financial services and fintech brand Truth.Fi

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which sent the firm's shares up more than 11% in early trade.

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The company board also authorized an investment of up to $250 million through Charles Schwab as it seeks to diversify its cash holdings, which stood at more than $700 million at the end of last year.

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The Sarasota, Florida-based company said it plans to allocate these funds across a variety of investment options, including exchange-traded funds, separately managed accounts (SMAs), Bitcoin and other cryptocurrencies.

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Trump Media's move into finance comes following the election of Donald Trump to the White House in November and the election of several pro-crypto lawmakers to Congress.

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Due to which the prices of Bitcoin and other cryptocurrencies rose.

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During his campaign, Trump expressed strong support for digital assets and vowed to establish the United States as the “crypto capital of the planet.”

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The SMA will be developed in collaboration with Charles Schwab, who will provide strategic advice on TMTG’s Truth.Fi investments and strategy.

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The company said that Truth.Fi products and services will launch in 2025 after funding levels are determined and necessary approvals from financial regulators are received.

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Trump Media has also moved into streaming platforms last year with the launch of Truth+ streaming.

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In November, the company reported a loss of $19 million in its third quarter due to legal fees and costs related to its TV streaming deal.

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An attempt was made to evacuate people after a passenger plane caught fire in South Korea, three people were injured.

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