Trump Media Partners With Crypto.com to Introduce New ETFs
$DJT
In a significant development within the financial technology sector, Trump Media and Technology Group (TMTG) (NASDAQ: DJT), the company behind the social media platform Truth Social and the streaming service Truth+, has announced a strategic partnership with Crypto.com. This collaboration aims to launch a new series of exchange-traded funds (ETFs) and investment products, expanding TMTG’s financial services offerings.
The ETFs, which will be facilitated through Crypto.com’s broker-dealer Foris Capital US LLC, will feature a range of assets, including digital currencies like Bitcoin and Cronos, alongside securities with a focus on a Made in America approach. Devin Nunes, CEO and Chairman of TMTG, expressed enthusiasm about the partnership, emphasizing its goal to foster rapid growth and innovation in the U.S. economy. He highlighted the importance of creating investment products that align with TMTG’s core strengths while maintaining a focus on its user base, free from distractions of political or social influence.
Crypto.com, a well-established player in the cryptocurrency exchange industry since 2016, brings a solid technological infrastructure and a large customer base of over 140 million global users. Kris Marszalek, co-founder and CEO of Crypto.com, underscored the significance of the partnership in providing diversified investment options for consumers worldwide. The collaboration will not only involve ETFs but also Separately Managed Accounts (SMAs), with plans to utilize up to $250 million of TMTG’s own cash reserves.
The funds will be custodie by Charles Schwab, providing a secure foundation for these financial ventures. This partnership is part of TMTG’s broader strategy to challenge the traditional tech and media landscape, particularly targeting the perceived overreach in censorship by major tech companies. The launch of these ETFs and SMAs is scheduled for later this year, pending regulatory approvals and final agreements. The outcome could have significant implications for market dynamics and the integration of digital assets into the regulated financial environment.
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