Tron founder Justin Sun is set to join FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao as the “savior” of struggling crypto companies, disposing of $5 billion for acquisitions.
Justin Sun: $5 billion to help crypto companies
According to reports, it appears that Justin Sun, the creator of the Tron ecosystem, has stated that he will make $5 billion available to help struggling crypto companies due to this extended “crypto winter.”
Ready to serve https://t.co/P1fqNI9q8o
— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) July 9, 2022
“Ready to Serve.”
Basically, Tron is hiring an investment bank to advise on potential deals.
Sun follows the example of Sam Bankman-Fried of FTX and Changpeng Zhao of Binance in offering support to struggling cryptocurrency companies.
In fact, FTX has helped companies like Voyager Digital and BlockFi with lines of credit-gaining comparisons to John Pierpont Morgan’s efforts to support financial companies in the early 20th century. Similarly, Binance CEO Zhao said dozens of cryptocurrency companies seek the exchange operator’s help because of its “largest liquidity reserve in the industry.”
Justin Sun and investment bank to advise on potential deals
Sun also confirmed that he hired an investment bank to advise on potential deals without mentioning names and agreements.
In this regard, Sun said:
“Our interest is platforms with a large user base. Both CeFi [centralized finance] and DeFi [decentralized finance] platforms.”
“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.”
Not only that, when asked whether the $5 billion was his personal money or Tron’s, Sun said it was a mix of both.
Winter crypto and Changpeng Zhao’s views
At the end of last June 2022, Changpeng Zhao, or simply CZ, CEO of the famous crypto-trading platform Binance, released his opinions regarding the crypto market trend.
Without getting out of line, CZ stated that Bitcoin would likely remain below its highs for at least the next 2 years.
Specifically, CZ also pointed out that it will take time to return to the all-time high of $68K from the current $20K.
Currently, BTC is at its lowest level since March 2020 and is struggling to climb back up to experience a rebound.