Tech Company Bets Big on Freight Industry with $20 Million Investment in Trump-Backed Cryptocurrency
Freight Tech Goes Trump Crazy! 💣🚀
Jump on that crypto gravy train, baby! U.S.-based logistics whizzes, Freight Technologies (FRGT), just announced plans to sink a whopping $20 mil into the Official Trump Token (TRUMP), you heard that right! With a market cap of a mere $4.8 mil, they're set to expand their crypto horizons.
The brainiacs behind Freight Tech, who focus on cross-border trade magic between the land of the free and Mexico, reckon this move is the golden ticket to bolster their crypto stash. In a press release, Freight's shared the deets – funds will come from a convertible note agreement with a mystery institutional investor, with the first $1 mil already secured.
Freight's CEO, Javier Selgas, spilled the beans about their daring crypto move. "We think incorporating Trump tokens is a smart way to diversify our crypto hoard, and a maxed-out way to promote fair, unbiased, and open trade between Mexico and the U.S." Oh, and investing in Trump Tokens will be the cherry on the top for Freight – they'll be one of the first public firms to take the leap!
By the way, this isn't Freight's cryptic debut. They've invested a cool $8 mil in FET, a token hooked up to smart AI tools they use in their logistics bag of tricks. Sounds like they're following in the footsteps of bigwigs like MicroStrategy, Semler Scientific, and Metaplanet, who've hoarded over 5,000 BTC.
TRUMP tokens are at the moment trading at $11.53, down a measly 10% in the past 24 hours, according to CoinMarketCap. But don't let that minuscule dip fool ya! The Freight train's shares shot up a mind-blowing 111% before the market closed last Friday. After hours, however, the stock tanked by 21.6%.
This crypto craze didn't end there. Check out Ethereum Whale Sheds 76,000 ETH Amid BlackRock's Audacious Move in our side dish section! 🍲💸
Psst! Did you know that several publicly traded companies are catching the digital asset fever? Here's a sneak peek:
- Galaxy Digital Holdings Ltd. (TSX: GLXY): A digital asset services powerhouse dabbling in trading, asset management, and lending. They've teamed up with Zodia Custody to make digital assets more accessible for institutions.
- Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO): Not a digital asset company per se, but they're pushing the digital wealth and payment game.
- DeFi Technologies: Via subsidiary Valour, they've launched digital asset Exchange-Traded Products (ETPs), upping exposure to various digital goodies like Curve DAO (CRV) and Litecoin (LTC).
And if you're keen to get a feast of companies immersed in digital assets, check out the F6S platform's list of the top 100 U.S. digital asset companies. They're all about blockchain magic and crypto services! 🔮🎉
Freight Technologies' decision to invest $20 million in Trump Tokens, a cryptocurrency, indicates a growing interest of finance companies in digital assets, following in the footsteps of MicroStrategy, Semler Scientific, and Metaplanet. Additionally, a leading digital asset services company, Galaxy Digital Holdings Ltd., is expanding digital asset accessibility for institutions through partnerships. These developments underscore a broader trend of technology-driven finance, including Ethereum, playing increasingly significant roles in mainstream finance.
