- Trump’s Truth.Fi to launch crypto ETFs and ETPs in partnership with Crypto.com, subjected to signing of the deal
- The platform could start offering products by the end of this year, subjected to approvals
- CRO has seen its price jump by over 10% since the announcement
The week has kicked off with a bullish news from team President Donald Trump. Earlier today, Trump Media announced that its intention to partner with leading crypto exchange – Crypto.com. The partnership would see Trump Media launch crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs). If the partnership deal is signed, Truth.Fi – the FinTech side of Trump Media – could launch the products later this year, subjected to regulatory approval.
The official announcement read,
“has signed a non-binding agreement to partner with Crypto.com, America’s premier crypto trading platform, to launch a series of exchange-traded funds and exchange-traded products (collectively, “ETFs”) through the Truth.Fi brand”
The announcement further stated that the broker dealer for the ETFs would be Foris Capital US LLC through Crypto.com. And, interestingly, the ETFs will not be limited to the digital currency industry. The announcement stated that they are “expected to comprise digital assets as well as securities with a Made in America focus spanning diverse industries such as energy.” Additionally, these product could be available for customers “internationally including in United States, Europe, and Asia, across existing platforms and brokerages.”
Notably, the partnering crypto-exchange – Crypto.com – will be playing a major role, if the partnership deal is signed. As per the press release, the crypto exchange will be providing Truth.Fi backend technology support, custody services, and will also be supplying the cryptocurrencies needed for the ETFs.
Trump Media partnership gives massive boost to Cronos
Interestingly, the announcement has made a mention of Cronos (CRO), which currently ranks in 41th position based on market cap on CoinMarketCap and a utility token of Crypto.com. The announcement said,
“Crypto.com will support the backend technology, provide custody, and supply the cryptocurrencies for the ETFs, which are anticipated to include a unique ETF basket of cryptocurrencies incorporating Bitcoin, Cronos, and other crypto assets.”
According to CoinMarketCap, at press time, CRO has seen its price skyrocket by over 10% in the past hour. The coin was trading at $0.0914 with a market cap of $2.23 billion and a trade volume of $50.09 million. The 1-day chart registered an uptrend of over 14% , while the 7-day chart showed an uptrend of over 7%.
Source: CoinMarketCap
Notably, the announcement has also been bullish for Trump Media, which has seen the price of its shares jump by over 3% today, as per Yahoo Finance. The company was trading at $22.50 at press time and had a market cap of 4.631B.
Source: Yahoo Finance
