Trump Media and Technology Group Corp. (TMTG) announced on Monday that it has entered right into a non-binding agreement with Crypto.com to develop a series of exchange-traded funds (ETFs) and exchange-traded products under the Truth.Fi brand.
Recent Exchange-Traded Funds To Feature Bitcoin And Cronos
Based on Monday’s announcement, the planned exchange-traded funds will likely be available through Crypto.com’s broker-dealer, Foris Capital US LLC, and are expected to incorporate a combination of digital assets and traditional securities, particularly those with a concentrate on the US economy.
The collaboration will reportedly leverage Crypto.com’s technological infrastructure, which is able to handle backend operations, custody services, and provide cryptocurrencies for the ETFs.
Notably, the exchange-traded funds are set to include a basket of cryptocurrencies, including Bitcoin (BTC) and Cronos (CRO), the utility token for the Crypto.com platform, catering to the growing interest in digital assets amongst investors.
TMTG’s CEO and Chairman, Devin Nunes, expressed enthusiasm in regards to the partnership, emphasizing a commitment to creating “America First” investment products. “We aim to support progressive crypto ventures and great American corporations without the distractions of political posturing,” Nunes stated.
Nunes highlighted that the funds will concentrate on firms dedicated to rapid growth and technological innovation, providing investors with options that align with their principles.
International Rollout Planned For Trump Media’s ETFs
Kris Marszalek, co-founder and CEO of Crypto.com, echoed these sentiments, noting the corporate’s pride in partnering with TMTG and Yorkville America to launch these groundbreaking ETFs. Marszalek stated:
We’re proud to partner with Trump Media and Yorkville America, and to support the launch of those latest ETFs, including the primary of its kind basket of tokens including CRO. These ETFs give consumers more options from a brand with a loyal following. Once launched, these ETFs will likely be available on the Crypto.com App for our greater than 140 million users world wide.
Along with the ETFs, TMTG plans to introduce Truth.Fi Individually Managed Accounts (SMAs), which can even be funded through the corporate’s money reserves.
Per the announcement, the general financial strategy includes a big investment of as much as $250 million, to be managed by Charles Schwab, thereby enhancing TMTG’s footprint within the financial services sector.
The launch of those ETFs is anticipated later this 12 months, pending definitive agreements and regulatory approval. Once established, these products will likely be accessible internationally, including in major markets across america, Europe, and Asia, further expanding the reach of TMTG’s financial initiatives.
On the time of writing, the TRUMP memecoin is trading at $11.44, which is down over 80% from its current all-time high of $73, reached on the identical day of its debut on January nineteenth of this 12 months.
CRO alternatively, trading at $0.1017, has seen a large 24% spike following the partnership announcement, but can be down nearly 90% from its record high of $0.9654.
Featured image from NBC, chart from TradingView.com
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