Trump Media Partners With Crypto.com for Digital Asset ETFs

By: Eva Baxter

Trump Media, the operator behind the well-known social media platform Truth Social, has taken a significant step into the financial world through a partnership with the popular digital currency exchange, Crypto.com. The two companies have signed a non-binding agreement that outlines their intention to launch several exchange-traded funds (ETFs) centered around digital assets and securities, aiming to introduce these products later this year in the United States.

Under this strategic collaboration, the ETFs will be backed by Crypto.com’s infrastructure and custodial services, including a diverse array of digital tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cronos (CRO). The partnership plans on utilizing Foris Capital US LLC, Crypto.com’s broker-dealer in the USA, to facilitate the ETF launches. A critical aspect of these investment tools is their commitment to a "Made in America" focus, which resonates with local investors as well as global participants.

This new initiative is part of a broader strategy by Trump Media to venture beyond social media into the fintech arena with the prospect of widening their revenue streams. CEO Kris Marszalek of Crypto.com emphasizes the global reach of their services, noting that these ETFs will be available to their worldwide user base through the Crypto.com App, which serves over 140 million users internationally.

The launch of these ETF products marks Trump Media's first significant foray into the financial products market, highlighting the growing trend and popularity of cryptocurrency-based investment solutions. This move stands to place Trump Media alongside other significant players in the burgeoning crypto-ETF industry. Furthermore, the company’s fintech ambitions are to be bolstered by companion financial offerings such as Truth.Fi's Separately Managed Accounts (SMA), leveraging available cash reserves for broader financial market involvement.