Tron founder Justin Sun said he was ready to allocate up to $ 5 billion to “rescue” companies trying to survive in the conditions of high volatility of the cryptocurrency market.
Justin Sun is ready to join FTX CEO Sam Bankman-Fried to help liquidity-strapped crypto companies. Sun said that about 50-100 companies have already turned to him for help. Tron is actively processing applications and exploring what can be done on a case-by-case basis to ensure that these companies continue their work in the industry.
To do this, Tron has engaged an investment bank that advises on potential deals. However, Sun did not disclose its name, so as not to violate the non-disclosure agreement. Sun specified that the amount of $5 billion will be allocated from the Tron reserve and from his personal budget. Tron is aimed at both supporting strong enterprises and firms in distress. Before the conclusion of each transaction, a comprehensive verification procedure will be carried out.
Sun noted that he is more interested in centralized (CeFi) and decentralized finance (DeFi) platforms with a large user base. Regarding the current downturn in the market, Sun is optimistic. He believes that the worst is over and we need to move forward. But do not expect that the market trend will be “super bullish”.
Recently, Binance CEO Changpeng Zhao stated that he is also approached by dozens of cryptocurrency firms on a similar issue, as the exchange has large cash reserves. However, Zhao said he sees no point in issuing loans to companies that are likely to go bankrupt.
Source: Bits
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