Justin Sun, the founder of Tron blockchain, is as sympathetic to the present crypto businesses in crisis as he is eager to bail many out.
While there has been no report of Tron helping out any crypto firm to date, Sun has stated that he is willing to contribute up to $5 billion to help distressed crypto firms.
Sun confirmed the $5 billion funds it is willing to spend on The Block after tweeting that he is “friends with everyone and are always ready to serve,” in response to a Twitter user who said firms are overlooking Sun as a deep pocket crypto founder on par with the likes of Binance's Changpeng Zhao and FTX Exchange's Sam Bankman-Fried.
According to Sun, a number of problematic crypto businesses have approached his establishment for assistance, and Tron has enlisted the assistance of an Investment Bank to assist in advising the startups on funding. He declined to name the bank with whom it is collaborating due to a Non-Disclosure Agreement between the two sides, but stated that its major interests are in initiatives with a broad user base.
“Our interest is platforms with a large user base,” Sun said. “Both CeFi [centralized finance] and DeFi [decentralized finance] platforms.”
Sun also stated that the companies he would be ready to bail out must be able to survive the rigors of the due diligence process. Sun feels that the current onslaught in the digital currency ecosystem is nearly done, with the targeted accumulation of what is now required.
“I think currently the de-leverage process is passed the worst time. So we just need to clean it up and move forward. I don't think [the] market will be super bullish, of course,” he said.
While Changpeng Zhao of Binance believes that not all projects are worth rescuing, BlockFi and Voyager Digital have just received financing facilities from FTX Derivatives Exchange.
As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!
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