Tron founder speaks out amidst Silicon Valley Bank and Silvergate troubles
On Mar. 12, H.E. Justin Sun, the founding member of the TRON ecosystem and the global advisor at Huobi, a crypto exchange, posted a thread on Twitter highlighting the “potential harm” prevalent in the financial sector. He explicitly refers to current debacle in the financial markets following the collapse of Silicon Valley Bank (SVB) last week.
On Mar. 10, the California Department of Financial Protection and Innovation (DFPI) took over SVB citing insufficient liquidity and insolvency, jeopardizing many financial institutions, including Circle, the issuer of USDC, and depositors whose funds are now stuck with the bank.
Sun: There is a need to establish a stable bank
Sun noted that recent events, such as the unexpected collapse of SVB Financial Group, demonstrate the potential for damage to many financial institutions.
He reaffirmed that it is essential to establish a stable bank, stating that it is time to construct a trustworthy bank capable of meeting the requirements of the cryptocurrency business. As a crypto advocate, Sun is open to any suggestion that may facilitate the establishment of a financial institution like that.
In the tweet that followed, the creator of Tron, who has recently made headlines with his regulatory stance, expressed his readiness to work with associates to offer financing, management, and operational assistance. He said that for a “wider acceptance of cryptocurrencies,” a robust banking infrastructure must bridge the gap between conventional and innovative digital finance.
Sun capped his thread by urging the attention of the cryptocurrency community to the necessity of collective action to achieve a safer crypto business, quoting:
“Let’s collaborate on creating a secure and regulated environment for the cryptocurrency sector to eliminate the possibility of future scandals similar to the one involving SVB and guarantee that the industry continues to thrive.”Tron founder: HE Justin Sun
His comments follows news that the Tron Network has cumulatively processed more than 5b transactions.