TRON founder to donate $5 billion to affected crypto projects

Companies will go through a due diligence process before receiving funding

09.07.2022 - 11:15

2224

1 min

What’s new? Justin Sun, the founder of blockchain platform TRON, has said that he is ready to spend up to $5 billion to help crypto companies hit during the market downturn. In an interview with The Block, Sun revealed that many projects have already turned to TRON for help. He also added that his company has engaged an unnamed investment bank to advise on potential deals.

The Block’s material

What else did Sun say? He noted that he would direct both personal funds and TRON stock to help crypto companies. Sun added that the projects will go through a due diligence process before receiving funding.

As for the decline in the cryptocurrency market, the TRON founder believes that the worst is over:

“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 market will be super bullish, of course.”

On June 21, cryptocurrency exchange FTX provided BlockFi with a $250 million loan. The exchange later issued another loan to the platform with an option of its redemption. In addition to BlockFi, FTX founder Sam Bankman-Fried supported other projects. For example, his company Alameda Research provided a loan to the Voyager Digital platform, which suspended all operations and later filed for bankruptcy.

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