Trump Media & Technology Group (TMTG) has announced its expansion into cryptocurrency and fintech services with a new brand called Truth.Fi. This initiative includes an investment of up to $250 million in cryptocurrencies managed by Charles Schwab, resulting in a 15% surge in TMTG shares. The announcement has raised concerns regarding conflicts of interest due to Trump's presidential position. TMTG, while struggling to compete with established social networks, is attempting to leverage support from its 'meme stock' status and highlights its mission of protecting 'American patriots' from perceived censorship.
Under the Truth.Fi banner, TMTG says it will invest up to $250m in investment accounts and 'Bitcoin and similar cryptocurrencies or crypto-related securities'.
Devin Nunes, chief executive of TMTG, hailed the new venture as a 'natural expansion of the Truth Social movement', adding that Truth.Fi will help 'American patriots' protect themselves from what he labelled 'cancel culture' and 'big tech censorship'.
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