The creator and executive director of the Tron Blockchain ecosystem, Justin Sun has recently announced that he is ready to support ailing crypto companies by offering loans or purchasing a redeemable stake in them.
Justin Sun told cryptocurrency report, The block that he is financially able and willing to fund acquisitions worth up to five billion dollars to provide a lifeline to ailing crypto companies.
Sun said he is willing to join forces with the head of FTX, Sam Bankman-Fried, and Binance’s Chief Executive Officer, Changpeng Zhao to spend as much as it will take to rescue any firms that are reaching out for financial support in the wake of the severe market downtrend that has negatively affected the cryptocurrency ecosystem.
Sun also revealed that some companies have reached out to him and Tron for financial help. After tweeting, Justin told The Block that he was ready to serve when he was contacted on the matter. As the cryptocurrency market is experiencing a severe downtrend, FTX has helped some companies like Blockfi and Voyager Digital with credit facilities.
In the same vein, Binance CEO, Changpeng Zhao recently disclosed that a lot of crypto firms have reached out to Binance for help because they have the largest cash reserve in the crypto industry.
Apparently, Justin wants to get involved too. When he was asked how many people or crypto firms have reached out to him, he said it is a comparable number to the 50-100 figure touted as the number that has reached out to Binance as well.
Justin said that Tron has begun proceedings to partner with an investment bank for advice on the potential deals but he did not give any information or name the bank by the non-disclosure agreements in these types of scenarios.
When asked if the five billion dollars he was willing to invest were his or Trons’, he said it was a combination of both. He also stated that he and Tron will target healthy cryptocurrency businesses along with the currently ailing firms and will undergo due diligence before arriving at any deal.
Tron is currently sitting on reserves worth $2.3 Billion according to their website so the liquidity will not appear to be a problem for them.
Featured image source: cryptoslate.com
