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Tron Founder Justin Sun Plans a $5 Billion Spending Spree on Failing Crypto Firms
Summary: According to The Block, Justin Sun seeks advice from an investment bank on $5 billion worth of potential crypto firm acquisitions deals. According to an interview, many crypto companies have recently asked Justin Sun and the Tron Foundation for support, following a very rough period for the whole crypto industry. Sun said he is now ...
According to The Block, Justin Sun seeks advice from an investment bank on $5 billion worth of potential crypto firm acquisitions deals. According to an interview, many crypto companies have recently asked Justin Sun and the Tron Foundation for support, following a very rough period for the whole crypto industry.
Sun said he is now "ready to serve," and he will join Sam Bankman-Fried (the founder of FTX) and Binance.com founder Changpeng Zhao in offering help to struggling crypto firms. The request for help acknowledges that Tron, Binance, and FTX have the largest cash reserves in the crypto industry. According to their website, Tron's DAO alone sits on resources accounting for more than $2.3 billion.
When asked if the $5 billion is his money or from Tron's Foundation, Justin Sun said it would be "a mix of both." He continued by saying that they will mainly focus on crypto platforms with a large user base, with platforms that are both CeFi and DeFi.
Sun was optimistic about the current crypto market downturn, although it will not become super bullish soon. He thinks that "the worst is behind us," which is a piece of positive news for crypto investors around the world.
Author: Garrett Meifert
Tags: Justin Sun,Tron,Tron blockchain
Link: Tron Founder Justin Sun Plans a $5 Billion Spending Spree on Failing Crypto Firms [Copy]
