Trump Media, Crypto.com to Launch Crypto ETFs & ETPs
Key Takeaways
Trump Media is planning a partnership with Crypto.com to launch crypto ETFs (Exchange Traded Funds) and ETPs (Exchange Traded Products). These products will operate under the Truth.Fi brand and could launch later this year, pending regulatory approvals. Crypto.com will provide the technological infrastructure and custody of the crypto assets.
Details of the Partnership
Trump Media has signed a non-binding agreement with Crypto.com. The goal is to introduce a range of exchange-traded crypto products. Truth.Fi, the FinTech division of Trump Media, will be responsible for developing these products.
Foris Capital US LLC, a broker-dealer of Crypto.com, will act as the intermediary for the ETFs. The products will not only include digital assets but also securities from various industries with a “Made in America” focus, including the energy sector.
International Availability
The planned ETFs and ETPs will be available not only in the U.S. but also in Europe and Asia. Customers will be able to access them through existing platforms and brokers.
The Role of Crypto.com
Crypto.com will play a central role in this partnership. In addition to providing the technical infrastructure, the exchange will also handle the custody of cryptocurrencies and supply the digital assets needed for the ETFs.
Impact on Cronos (CRO)
The announcement has also impacted Cronos (CRO), the utility token of Crypto.com. According to CoinMarketCap, the CRO token saw a price increase of over 10% within an hour of the announcement. The token was last traded at $0.0914, with a market capitalization of $2.23 billion and a trading volume of $50.09 million.
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Our Assessment
The planned partnership between Trump Media and Crypto.com could further drive the crypto market forward. Particularly interesting is the combination of digital assets and traditional securities with a focus on the U.S. economy. However, regulatory approval remains a crucial factor. If the partnership is successfully implemented, it could strengthen Crypto.com and expand the market for crypto ETFs.
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