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Under Trump’s Influence: X and Other Fintech Ventures Aim to Rival Platforms Like PayPal

Following the recent electoral victory, President Donald Trump and Elon Musk are wasting no time in leaving their imprint on the financial landscape. Trump’s Media and Technology Group Corp. (TMTG) has launched a new financial services brand, while Musk’s social media platform X has entered into a significant partnership with Visa. Both moves are poised to significantly influence US consumers’ payment preferences.

Having previously explored what impact Donald Trump would have on the fintech ecosystem following his Presidential election, we now turn our attention to the actions of firms he endorses, how they align with the President’s views, and how this might impact everyday consumers.

TMTG is the operator of the social media platform Truth Social and the video streaming platform Truth+. However, with the new announcement, the company has indicated that it is now also going to be going down a new avenue.

Following approval from the company’s board of directors, the firm now has a financial services and financial technology strategy. This will include the launch of the financial services and fintech brand Truth.Fi.

While President Trump does not directly own X, his administration could influence its operations, especially through Musk, who heads the recently established Department of Government Efficiency (DOGE).

Announced on X by the company’s CEO, Linda Yaccarino, the post read:

The announcement was also confirmed by Visa in a post which said:

What will Truth.Fi do?

TMTG anticipates that Truth.Fi products and services, including multiple investment vehicles, will be rolled out in 2025 as new agreements are consummated, funding levels are determined, and any necessary approvals by financial regulators are secured.

“We look forward to launching Truth.Fi, introducing TMTG’s investment vehicles, and unlocking synergies,” said TMTG CEO and chairman Devin Nunes. “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.

“Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by big tech and woke corporations.”

Getting involved in the crypto world
Michael Seaman, CEO and founder of Swipesum
Michael Seaman, CEO and founder of Swipesum

Commenting on the company’s announcement, Michael Seaman, CEO of Swipesum the payment processor for merchants noted how Trump’s pro-crypto stance was reflected in TMTG’s new announcement.

“Backed by a substantial $250million investment, TMTG made the leap beyond its social media and streaming platforms. By directing these funds into cryptocurrency, Truth.Fi is capitalising on the current crypto boom and the favourable regulatory landscape shaped by Trump’s election.”

With over 50 million crypto hodlers in the US, Trump amassed support from crypto fans as he dubbed himself the ‘crypto candidate’.

Now in power, Simon Maharaj, managing consultant, D2 Legal Technology, the legal documentation systems consultancy, notes that the President will be able to move oversight of digital assets from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), which has taken a far more pro-crypto regulatory stance to date.

Further commenting on the changes in crypto, Seaman added: “Watching Donald and his crypto-savvy son Eric launch the ‘OFFICIAL TRUMP coin’ suggests they are creating a politically aligned cryptocurrency tailored to Trump’s loyal supporters on Truth Social — much like Elon’s strategic partnership between X and Visa.

“Through these initiatives, TMTG is tapping into the growing mainstream acceptance of digital assets they are actively promoting, positioning themselves to offer customised financial products that resonate with their loyal user base.

“X is evolving into more than just a social platform—it’s positioning itself as a seamless hub for both engagement and transactions. By embedding frictionless payment capabilities, the company is setting its sights on rivalling major players like PayPal, which traces its roots back to Musk’s original X.com.”

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