US President Donald Trump’s family is all set to invest in Bitcoin mining-focused venture Hut 8, wherein the two oldest sons Eric Trump and Donald Trump Jr. would expand the portfolio of cryptocurrency businesses in the Trump family.
The Miami based company, Hut 8 in a statement on Monday, said that it is launching American Bitcoin as a majority-owned subsidiary, focused exclusively on Bitcoin mining and “strategic Bitcoin reserve development”.
Eric Trump and Donald Trump Jr. inked a deal with Hut 8 and have planned to acquire 20% stake in American Bitcoin, while the parent company would own the majority stake of 80%.
According to a report by Axios, Eric Trump, who is designated as co-founder of American Bitcoin, will serve as its chief strategy officer.
The Trump family and Hut 8 aim to create the world’s largest miner of digital currency via American Bitcoin venture, and plans to build its own “bitcoin reserve”.
Eric Trump and Donald Trump Jr. investment in American Bitcoin is reportedly the third major cryptocurrency venture wherein the Trump family has invested, since President Trump announced a complete u-turn towards the digital currency’s industry ahead of the US election in November last year.
Earlier, Trump and his sons launched World Liberty Financial during the presidential election campaign trail which announced plans to introduce stablecoin last week. Though, rules and regulations regarding stablecoin are being debated currently in the US Congress.
Story continues below this ad
While President Trump and First Lady Melania Trump launched meme coins ahead of the inauguration of the Republican president. Axios reported that Donald Trump’s coin would release more supply in the following months.
© IE Online Media Services Pvt Ltd
