President Donald Trump’s media and technology group (TMTG) is making waves in the world of decentralized finance (DeFi) with a new partnership with financial services giant Charles Schwab. The collaboration aims to launch Truth.Fi, a fintech firm that will offer a range of crypto services.
In a recent press release, TMTG announced that it has approved a $250 million investment to be managed by Charles Schwab. This investment will be used for various financial instruments such as investment vehicles, exchange-traded funds (ETFs), separately managed accounts (SMAs), as well as Bitcoin (BTC) and other digital assets.
David Nunez, the CEO and chairman of TMTG, expressed his excitement about the launch of Truth.Fi, stating, “Truth.Fi is a natural expansion of the Truth Social movement. We began with a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re delving into investment products and decentralized finance. Developing American First investment vehicles is another step towards our goal of creating a robust ecosystem for American patriots to protect themselves from censorship and privacy violations by big tech.”
This move into DeFi comes on the heels of Trump’s announcement last year about the launch of World Liberty Financial (WLFI), a DeFi network aimed at assisting individuals who have been marginalized by traditional banks. In a surprising development, WLFI has emerged as a top 0.1% holder of staked Ethereum (stETH), with $33 million worth of the altcoin being staked by the firm.
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With a focus on innovation and financial empowerment, TMTG’s partnership with Charles Schwab and the launch of Truth.Fi mark an exciting new chapter in the world of decentralized finance. Stay tuned for more updates and announcements from this dynamic collaboration.