U.S. President Donald Trump is further solidifying his crypto connections with a new announcement from his media firm, Trump Media and Technology Group.
As shared in a press statement, the group has signed an agreement with cryptocurrency giant Crypto.com. The partnership will see the two release retail investment products such as cryptocurrency and Exchange Traded Funds (ETFs) in a new venture.
This is the latest development in the long-running relationship between Trump and the crypto/blockchain sector. It is worth noting that the current president released his own meme coin along with his wife earlier this year. The meme coin, called TRUMP, saw a massive decline soon after its launch, though it’s since seen a resurgence in popularity thanks to a contest and announcement.
This is, however, perhaps a profitable time for the Trump team to get involved in cryptocurrency, as interest in the asset class has never been higher. Thanks to assets like Bitcoin (BTC) delivering record profits, and the regulatory sector becoming more agreeable to digital assets, consumers are rushing to get their hands on various tokens.
This can be seen in not only the growing transaction volume on major exchanges but also a growing interest in crypto-related tools and services. Take crypto wallets, for instance, which are an essential tool for anyone looking to invest in the asset. Non-custodial wallets are becoming big business, with many consumers turning to the top-rated apps in the space (Source: BestWallet).
Even with the good timing, the Trump team still has to deal with backlash from the public. The Trump token was not controversial just because it saw a decline in value, but also because it was considered a cash grab by some. Now, we are going to get even more offerings from President Trump.
This deal is between Trump Media and Crypto.com, a huge trading platform and a giant in the space. Incidentally, the Securities and Exchange Commission announced back in March that it was dropping an investigation into Crypto.com and would no longer file an enforcement action against it. This came months after Trump ousted former SEC chair Gary Gensler, who was believed to be harsher on the crypto sector.
The partnership will see several exchange-traded funds which, according to the announcement, are in line with the president’s ‘America First’ policy. They are expected to launch later this year, and while no ETF filing has been made, the team seems optimistic.
“We look forward to bringing ETFs to the market for investors who believe both the American economy and digital assets are poised for tremendous growth,” said Devin Nunes, CEO of Trump Media.
It is worth noting that Trump’s history with digital assets goes back years at this point. Not only did he and his wife release NFTs in 2022, but he spent much of last year establishing himself as the go-to candidate for the crypto industry. From high-profile endorsements from the likes of the Winklevoss twins to releasing Bitcoin merch, he secured massive support from the industry. Now, it is left to see if these new crypto ventures will have the same reception and performance as the previous.
