President Donald Trump’s media and technology group (TMTG) is announcing a partnership with financial services giant Charles Schwab to further venture into the world of decentralized finance (DeFi).
In a new press release, TMTG – the firm behind social media platform Truth Social and the video streaming service Truth+ – says it’s collaborating with Charles Schwab to launch Truth.Fi, a fintech firm with crypto services.
As a means of diversifying the firm’s reserves, TMTG’s board has approved an investment of $250 million to be custodied by Charles Schwab, which could go toward investment vehicles, exchange-traded funds (ETFs), separately managed accounts (SMAs), as well as Bitcoin (BTC) and other digital assets, according to the press release.
As stated by TMGT chief executive and chairman David Nunez,
“Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance.
Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by big tech…”
Last year, Trump announced the launch of his own DeFi network – World Liberty Financial (WLFI) – as a means of helping those who have been disenfranchised by banks.
Last week, it was found that WLFI has become a top 0.1% holder of staked Ethereum (stETH) as the firm is staking $33 million worth of the leading altcoin.
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