Trump Media and Technology Group Launches Truth.Fi Financial Services Division to Offer Crypto and Other Financial Products to Its Users

Trump Media and Technology Group said on Wednesday that it is launching a financial services division called Truth.Fi in a bid to offer financial products to its millions of users.

President Donald Trump's foray into the world of meme coins last week appears to have set the stage for a broader entry into the crypto space by his social media company.

Trump Media and Technology Group said Wednesday that it's launching a financial services division called Truth.Fi, in a bid to offer financial products to its millions of users. The company said it has partnered with Schwab (SCHW) to "broadly advise" on investments and strategy.

Truth.Fi will offer financial products including customized separately managed accounts, customized exchange-traded funds, and bitcoin and similar cryptocurrencies or crypto-related securities.

"This financial services offering is for American patriots who can finally protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations," Truth Social CEO Devin Nunes said in a statement.

The move comes less than two weeks after President Trump himself launched his own crypto coin, $Trump, which generated billions of to the president. The token was followed by a crypto launch from the First Lady, $Melania.

It also comes just a few days after President Trump harshly criticized Bank of America (BAC) CEO Brian Moynihan for de-banking conservatives.

"I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America," Trump said during a remote appearance at the World Economic Forum in Davos last week.

Bank of America said in response to Trump's comments that it welcomes conservatives and that it "would never close accounts for political reasons."

To jumpstart the initiative, Truth Social said it has committed $250 million of its $700 million cash pile to be custodied by Schwab, which could then be the source funding of various investments and financial products like ETFs and SMAs funds.

Truth Social said its investments will be concentrated in American growth, manufacturing, and energy companies "as well as investments that strengthen the Patriot Economy."

Schwab will help develop the SMAs in partnership with Truth Social, and also "broadly advise" on Truth.Fi's investments and strategy.

Shares of Truth Social surged as much as 13% on Wednesday, while shares of Schwab rose about 1%.

President Trump indirectly owns about 60% of Truth Social shares, which are held in a revocable trust.