Crypto.com & Trump Media Finalize Agreement For Truth.Fi ETFs Launch
Highlights
- Trump Media has signed a binding agreement with Crypto.com for the launch of its ETFs.
- Asset manager Yorkville America Digital is also involved in the tripartite agreement.
- The US president's company will launch ETFs which cover digital assets and securities.
Crypto.com and Trump Media have reached a final agreement for their partnership towards the launch of the latter’s crypto ETFs. The crypto exchange will assist the US president’s company in launching these ETFs, which will focus on digital assets and some securities.
Crypto.com And Trump Media Sign Binding Agreement
In a press release, Trump Media announced that it has signed a binding agreement to partner with Crypto.com and Yorkville America Digital to launch a series of exchange-traded funds and exchange-traded products through the Truth.Fi brand.
This follows a non-binding agreement, which the parties signed in March. As part of the agreement, Trump Media’s ETFs will be available through Crypto.com’s broker-dealer, Foris Capital US LLC.
The ETFs will comprise digital assets and securities with a focus on Made in America, including industries such as energy. As CoinGape reported in February, Trump Media filed trademarks for the Truth.Fi Bitcoin Plus ETF, Truth.Fi Bitcoin Plus SMA, Truth.Fi Made in America ETF, Truth.Fi Made in America SMA, Truth.Fi US Energy Independence ETF and Truth.Fi US Energy Independence SMA.
According to the press release, these funds will launch later this year, subject to regulatory approval. They will be available internationally, including in the US, Europe, and Asia, across existing platforms and brokerages.
Commenting on this development, the CEO of the top crypto exchange, Kris Marszalek, said,
“Crypto.com is the leading platform to bridge crypto and traditional finance, and this agreement is a testament to those capabilities. This partnership gives the Trump Media ETFs global distribution powered by the Crypto.com platform. It’s a win for Trump Media, Crypto.com, CRO, and Yorkville America Digital.”
It is worth mentioning that Trump Media plans to launch these ETFs alongside a slate of Truth.Fi Separately Managed Accounts (SMAs). The company plans to invest in the ETFs and SMAs through its cash reserves, and these financial products form part of the firm’s FinTech strategy, in which it will use up to $250 million to be custodied by Charles Schwab.
CoinGape recently reported that Charles Schwab plans to launch crypto trading services by next year. However, it remains unclear which crypto assets will be available when this service goes live.
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