President Donald Trump’s media group is partnering with Singapore-based crypto exchange Crypto.com to launch crypto-friendly investment funds later this year.
The duo plans to create a series of exchange-traded funds (ETFs) and other exchange-traded products (ETPs) under the Truth.Fi brand, a fintech company operated by the Trump Media and Technology Group (TMTG), according to a statement released Monday. ETPs are financial products that trade on the stock market, like stocks or bonds. ETFs are a type of ETP that allow people to invest in multiple assets at once.
The partnership is a part of TMTG’s goal to work with firms “that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy, unencumbered by woke nonsense and political posturing,” TMTG CEO and former U.S. Representative Devin Nunes said in the statement. “Investors will finally have options that adhere to their principles and that support superior U.S. companies precisely focused on their core businesses.”
Crypto.com declined to comment when contacted by Fortune.
The ETFs‚ which are scheduled to launch sometime this year in the U.S, Europe and Asia, will give investors access to cryptocurrency prices as well as other traditional securities “with a Made in America focus spanning diverse industries such as energy,” according to a statement from TMTG. Crypto.com will supply and maintain the cryptocurrencies included in these funds, as well as support the backend technology, according to the statement. Alongside Bitcoin and other unspecified digital assets, the ETFs will include Cronos, a cryptocurrency with ties to Crypto.com, the statement says.
The partnership puts Trump’s media company, of which Trump owns a majority stake, in business with a company that was recently in the crosshairs of U.S. regulators. In August of last year, Crypto.com received a Wells Notice, a letter from a government agency letting a defendant know that the agency intends to sue them, from the Securities and Exchange Commission alleging it violated securities laws. Before the agency filed a formal lawsuit against the company, Crypto.com sued the SEC claiming it was operating outside of its jurisdiction. However, Crypto.com withdrew its complaint in December after CEO Kris Marszalek met with then President-elect Trump at Mar-a-Largo. TMTG did not immediately respond to Fortune’s request for additional comment.
The Singapore-based company has quickly become one of the most popular centralized crypto exchanges, jumping from 13th highest by trading volume to third within the last year, according to data collected by crypto analytics platform CoinGecko.
