The group said that its board had approved a $250 million investment from its $700 million cash reserves, with Charles Schwab overseeing the fund management.

Trump Media, the parent of Truth Social, said in a press release that its board approved an investment of up to $250 million to be custodied by Charles Schwab.

The investment strategy of Truth.Fi will be guided by financial services firm Charles Schwab, which will oversee asset custody and provide advisory services. While Schwab does not currently facilitate direct trading in cryptocurrencies like bitcoin, it has indicated it would explore the space if regulatory conditions allow.

Truth Social parent Trump Media and Technology Group said on Wednesday its board of directors has approved the launch of a financial services and FinTech brand Truth.Fi, sending shares of the firm up over 11% in early trading.

Donald Trump’s social media venture, Trump Media & Technology Group (TMTG), has unveiled plans to expand into cryptocurrency and fintech services through a new brand dubbed Truth.Fi.

This story incorporates reporting from Business Insider, Yahoo Finance, Finbold | Finance in Bold and Bloomberg L.P..Trump Media & Technology Group (TMTG) has announced its entry into the financial technology sector with the launch of a new brand,

The president’s company will launch a fintech and investment platform called Truth.Fi to invest in ETFs and crypto.