The social media company owned by US president Donald Trump has launched a financial services and technology company to invest in cryptocurrency and exchange traded funds (ETFs).

Trump Media and Technology Group (TMTG) said the new FinTech, called Truth.Fi will invest around $250 million of the company’s $700 million cash reserves.

The chief executive and chairman of the group Devin Nunes said that the move was a step towards creating an environment where “American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations”.

The comments come as Trump accuses the previous federal government’s actions to combat misinformation and disinformation as “censorship of speech”.

Trump’s company says that its mission is to “end BigTech’s s assault on free speech by opening up the Internet and giving people their voices back.”

However, its social media platform Truth Social has been accused of censorship itself by critics who said that the app banned users who posted about a congressional hearing regarding the 2021 US Capitol Hill attack.

TMTG said that Truth.Fi’s products and services, including multiple investment vehicles, will be available later in 2025 subject to funding levels and approval by financial regulators.

US multinational financial services firm Charles Schwab will oversee the investment and advise TMTG on its investment strategy.

An affiliate of Yorkville Advisors will serve as the registered investment adviser for investment vehicles and financial products, which are expected to focus on investments to support the growth of the United States including manufacturing and energy companies.

“Truth.Fi is a natural expansion of the Truth Social movement - we began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralised finance,” added TMTG chief exec chairman Devin Nunes.

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