Trump Media & Technology Group (TMTG), the company behind former President Trump’s Truth Social app, is looking into launching its own cryptocurrency and digital wallet.
A Token for Truth Social?
According to a shareholder letter from TMTG CEO Devin Nunes, the company is exploring a “utility token” that could be used to pay for Truth Social subscriptions and other services within the “Truth ecosystem.” This news caused a slight dip in the price of the existing Trump-branded memecoin, TRUMP.
Expanding into Fintech
TMTG is also partnering with Charles Schwab to create Truth.Fi, a new fintech company offering crypto services. A significant $250 million investment, managed by Schwab, will be used to diversify TMTG’s assets, including investments in Bitcoin and other digital assets. The first offerings from Truth.Fi will be customized investment portfolios (SMAs) and exchange-traded funds (ETFs) with an “America First” focus, including both traditional stocks and cryptocurrencies. Several other companies are partnering with TMTG on these financial products.
Controversy Continues
Trump’s forays into the crypto world have faced criticism. Vitalik Buterin, the creator of Ethereum, previously called political cryptocurrencies “vehicles for unlimited political bribery.” Public Citizen, a consumer advocacy group, also raised concerns to the Department of Justice about potential legal violations related to the TRUMP memecoin.