Trump Media and Technology Group (TMTG) Announces Non-Binding Agreement with Crypto.com
On Monday, Trump Media and Technology Group (TMTG) announced that it has signed a non-binding agreement with the cryptocurrency exchange Crypto.com to launch a series of Exchange-Traded Funds (ETFs) and Exchange-Traded Products (ETPs) through its fintech brand Truth.Fi.
According to the press release, these ETFs are expected to focus on “Made in America” digital assets and securities across various industries. Crypto.com will provide backend technical support, custody services, and supply cryptocurrencies within these ETFs, which are anticipated to include a unique cryptocurrency portfolio featuring Bitcoin (BTC), Cronos (CRO), and other digital assets.
The funds are planned to be launched later this year, pending regulatory approval, and will be offered through Crypto.com’s brokerage Foris Capital US, with extensive listings expected across existing platforms and brokers in the United States, Europe, and Asia.
Additionally, the press release stated that these ETFs are planned to be launched simultaneously with a series of individually managed accounts (SMA) under Truth.Fi. These products are part of TMTG’s financial services and fintech strategy, with TMTG planning to invest up to $250 million from its cash reserves, to be custodied by Charles Schwab.
Following this announcement, the cryptocurrency CRO from the Cronos blockchain ecosystem surged over 20%, with the trading price at $0.104 prior to the publication of this article. Recently, the Cronos team released a governance proposal aimed at advancing two core initiatives for Cronos, which sparked intense community discussion due to its content involving the reissuance of 70 billion “burned” CRO tokens.
Related article: “CRO Interprets the Most Absurd Governance Farce in History, 70 Billion Tokens Issued Out of Thin Air”
According to previous reports by Zombit, a special purpose acquisition company (SPAC) closely associated with Trump Media has been registered in the Cayman Islands, planning to raise at least $179 million through an IPO and private placements, targeting the acquisition of another company focused on areas such as cryptocurrency and blockchain, data security, and dual-use technologies.