Justin Sun and Tron Might Partner With FTX
Justin Sun, who founded the Tron network, said he and his team are working with FTX. The point of the recent collaboration is said to find a solution to the latter’s liquidity crisis.
After Binance Pulled Out
The FTX CEO is currently in a precarious situation because Binance rescinded its acquisition plan. But after some hours of Binance’s pullout, Tron’s founder stepped in. Justin Sun was the one to first give clues about the possibility of a partnership between the two firms.
Sun announced that the team at Tron is working with every TRX holder who has an account on FTX. The quick interface between Tron and its token holders became necessary in the face of FTX’s liquidity crunch. Sun equally said that the token issuer is working with the crypto exchange to secure a way forward.
Furthermore, Sun, via his tweet gave clues that there might be a partnership with FTX. This partnership would go beyond the immediate liquidity crisis resolution.
Sun clearly stated in his tweet that the FTX’s liquidity crunch, although it is in the short term, does harm to investors. It also does greater harm to the crypto industry’s development. The Tron team has, thus, been working to avoid more deterioration of the situation, he said.
Sun said he believes the current situation is manageable. The confidence comes from the holistic way the partnership is going to manage it.
Beyond the Short Term
Sun’s tweet has been re-tweeted by the FTX CEO, Sam Bankman-Fried. The entire crypto space waits to see if Sun would make an offer to buy out FTX.
Now that Binance stepped away from the acquisition bid, Alameda’s and FTX’s positions seem more vulnerable than earlier perceived. Binance’s public announcement after backing out said the company’s.
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