Justin Sun to spend up to $5 billion to bail out crypto companies
- July 9, 2022
- 0
Tron founder Justin Sun has announced that he is ready to allocate up to $5 billion to bail out crypto companies amid a crisis in the digital asset
Tron founder Justin Sun has announced that he is ready to allocate up to $5 billion to bail out crypto companies amid a crisis in the digital asset market. Reported by The Block.
According to Sun, many companies have already sought help after his related tweet.
We are friends with everyone and always ready to serve. https://t.co/WBXwG5GDqL
– H.E. Justin Sun (@justinsuntron) 8 July 2022
Sun revealed that Tron has hired an investment bank to advise on potential deals. He refused to reveal the name of the financial institution due to a confidentiality agreement.
$5 billion will include both Sun’s personal funds and Tron’s assets. He also drew attention to the interest in platforms with large audiences.
“I think the current de-leverage process is going through its worst period. So we just need to clean up and move on. Of course, I don’t think the market will be super bullish,” Sun added.
Recall that in May, Sam Bankman-Fried, head of the FTX bitcoin exchange, promised to spend “billions” on buying shares in other companies.
In June, Binance CEO Changpeng Zhao described the crypto winter as the right time to further develop the business through various acquisitions. He spoke about “recovery talks” with more than 50 companies in July.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
