President Donald Trump’s media company has plans to launch a series of digital asset exchange-traded funds (ETFs) in partnership with the exchange Crypto.com.
Trump Media and Technology Group plans to roll out the ETFs through the firm’s fintech brand, Truth.Fi, and Crypto.com’s broker-dealer Foris Capital.
The ETFs will have a “Made in America” focus and will feature a basket of crypto assets, including Bitcoin (BTC), Cronos (CRO) and others, per a new press release.
CRO is the native asset of the layer-1 Cronos blockchain, which was developed by Crypto.com. The token skyrocketed by nearly 30% after the partnership was announced on Monday and is trading at $0.106 at time of writing.
Bitcoin is trading at $88,121 at time of writing. The top-ranked crypto asset by market cap has moved sideways in the past day.
Trump Media plans to launch the ETFs later this year, pending regulatory approval and a “definitive agreement.”
Crypto.com chief executive Kris Marszalek says the ETFs will be made available on the Crypto.com App for more than 140 million users around the world.
The CEO reportedly met with Trump in December to discuss the crypto industry and the possibility of a national Bitcoin (BTC) reserve, among other things.
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