Justin Sun, founder of Tron, has announced he intends to allocate up to $5 billion to save cryptocurrency companies during the current crisis in the digital asset market.
According to him, many companies have already asked for help after announcing their intention to help distressed companies.
Sun has said Tron has hired an investment bank to advise it on possible deals. The name of the financial institution has not been disclosed due to a confidentiality agreement.
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It should be noted that the $5 billion will include both Sun's personal funds and Tron's assets. He has also indicated interest in platforms with large audiences.
Sun has added:
"I think that the deleveraging process is currently going through the worst moment. So we just have to clean it up and move on. I don’t think so the market will be super bullish."
The CEO of cryptocurrency derivatives exchange FTX, Sam Bankman-Fried, pledged in May to spend "billions" to buy shares in other companies.