Just a few days before the crash of Terra Platform stable coin (UST), Justin Sun, founder of the blockchain network Tron, launched his own stablecoin named USDD. Stablecoin is that sort of coin that pegged its price with another coin to maintain the demand and supply chain. However, the 100 million members’ community was concerned after the collapse of Terra stablecoin, but Justin Sun was not because he had other ideas in mind.
On 8 September 2022, he gave an interview on the Coindesk platform in which he cleared his position about the future of his platform. He said that “We want our 100 million customers to know that we really take their money and their data seriously.” Additionally, he believed that people should learn from the traditional way of financing to make a profit in the volatile crypto market.
Investing in other assets
To promote his agenda of investing in other assets to maintain the caliber of his platform, Justin Sun tweeted about buying shares from Credit Suisse. The tweet got viral instantly, and investors are interested to know what will happen, in reality, if he buys some shares of Credit Suisse. He tweeted, “We are interested in buying assets or shares from Credit Suisse and bringing it to Web3.” (10/04/2022).
But before discussing this tweet’s impact on the market, you need to know what is Web3 and Credit Suisse.
Credit Suisse
It is a global financial bank that is founded and is present in Switzerland. It is one of the top global financial banks that provides private banking, investment banking, and asset management. However, due to the recent events around the world, it is facing severe financial crises. On 3rd October 2022, Reuters reports that on Monday of this week, the bank loses 11.5% share, and due to concern, it may lose more.
The reasons for this decline in share are conditions of the global investment market, rising interest rates, fear of recession, and the Ukraine-Russia war. Top investors believe that the bank has enough resources to cope with the crises. However, the Justin Sun tweet indicates that it might sell some shares to cope with this crisis.
What is Tron?
Tron is a decentralized digital platform founded by Justin Sun in Singapore in 2017. It has its own cryptocurrency called Tronix or Trx. First, it was an Asian coin but later became a globalized coin. According to Justin Sun, it has more than 100 million customers globally. It has a current CoinMarketCap ranking of #15, with a live market cap of $5,645,607,950.
Future of Tron
Speaking at this year’s SmartCon event in New York, Justin Sun emphasized that Tron can be the next big thing in the market. It is because of the recent developments on its blockchain. Tron signed partnerships with Binance and Chainlink on several assets and now Justin Sun’s eyes are on the Credit Suisse share. If this happens, Tron could definitely be the next big platform in the crypto market.
Impact of the news on Tron Price
Though the tweet does not significantly impact the overall price of the coin (TRX), it will definitely hit once the news confirms. The price increased by 0.50% in the last 24 hours and is now trading at $0.061. All the technical indicators show that it would be bullish if the market stabilizes in the near future.
Final thoughts
The founder of the Tron, Justin Sun, is very ambitious in his cause and always thinks out of the box. In an era where external platforms are investing in crypto, he is trying to invest in non-crypto assets. To him, it is a better way to be prepared for crypto volatility. And his mindset could make a real difference.
Source: https://www.cryptopolitan.com/justin-sun-plan-credit-suisse/