Trump Media Launches Fintech Brand With Bitcoin and Crypto Focus
Trump Media and Technology Group, the company behind Truth Social, has announced the launch of a new financial services arm called Truth.Fi. This fintech brand aims to invest in Bitcoin and similar cryptocurrencies, positioning itself as a solution for those feeling threatened by censorship and privacy concerns from big tech. The firm intends to utilize $250 million in cash, managed by Charles Schwab, to make these investments. However, it’s important to note that Schwab’s standard customers are not permitted to transact in individual cryptocurrencies, limiting the scope of traditional banking services. TMTG CEO Devin Nunes emphasized that this initiative fosters investment vehicles for Americans to protect themselves against perceived threats from large corporations. Amidst a slight downturn in Bitcoin's value, Nunes highlights the venture as a means of reclaiming financial freedom in a climate of growing regulation. Trump has previously expressed a vision of bolstering the crypto industry, advocating for reduced regulation around digital assets.
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