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Trump's media and technology group is planning to launch Truth.Fi, a fintech app that will invest up to $250 million in crypto products including currencies, decentralised finance and ETFs.
Trump's social media group operates on a different platform, known as Truth Social. The platform was launched in 2021, when Donald Trump was banned from platforms such as X (formally Twitter) and others.
Trump's Media Team Announces New Fintech Platform
According to the press release, Trump's new fintech initiative will focus on investing in assets such as Bitcoin, other currencies and cryptocurrency-related securities. The press release also states that the team will also invest in ETFs, but not just those related to cryptocurrencies.
According to December 2024 analysis, Truth's team has over $700 million in reserves. The board of directors has approved a resolution to allocate up to $250 million to investments through the Truth.Fi.
Truth's investments are expected to directly impact the cryptocurrency market in one way or another. The market is already reacting to Trump's crypto activities. Prior to the inauguration, the $TRUMP meme coin, the $MELANIA token, and the recent purchase of $MOVE sparked calls for an ethics investigation into the Trump administration.
In November 2024, the media team filed the trademark application for Truth.Fi, just weeks after Trump won the US presidency. According to rumours, Truth.Fi could support cryptocurrency payments
In addition, the platform will also provide custody services. It was also rumoured that Trump's media team was interested in acquiring Bakkt, a platform that offers crypto market access and custody solutions for digital assets. However, for the time being, Truth.Fi will focus on financial investments. The rumours, for now, have not been confirmed.
The current US president has promised a cryptocurrency-friendly environment for investors. The president has been constantly involved in cryptocurrency projects, expanding his portfolio in this space, to support his decision to make cryptocurrencies the new normal.
The cryptocurrency project, $TRUMP coin, continues to cause shocks in the cryptocurrency market. In addition, Libery Financial has actively participated in the expansion of the wallet. WLFI recently purchased $2 million of $MOVE coins, causing the coin to jump 15%.
WLFI's reserve currently holds $395 million of cryptocurrencies, with Ethereum (ETH) topping the list.
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