On March 12, Justin Sun, the creator of TRON’s DAI blockchain ecosystem and Global Adviser to Huobi, took to Twitter to address the “potential damage” that could impact the financial industry. In his Twitter thread, he specifically referenced the recent catastrophe involving Silicon Valley Bank.
The California Department of Financial Protection and Innovation ordered SVB to suspend operations on March 10 for reasons that have not been made public, putting the safety of several financial institutions and their investors at jeopardy.
Sun’s insight on financial risk
Importantly, Sun noted that recent events, such as the unexpected collapse of SVB Financial Group, demonstrate the potential for damage to many different financial institutions:
Creating a trustworthy bank that can service the crypto sector was a top priority for Justin Sun, who emphasized the necessity of meeting the needs of the cryptocurrency industry. As an advocate for this system, he stated his openness to hearing suggestions that would facilitate the launch of a systemwide banking infrastructure.
In his subsequent tweet, the founder of TRON expressed his preparedness to collaborate with his associates in providing financing, management, and operational support. He added that for cryptocurrencies to achieve wider acceptance, there needs to be a robust banking infrastructure that can bridge the gap between traditional finance and modern digital finance.
Sun’s call for crypto unity
In conclusion to his Twitter thread, Justin Sun urged the cryptocurrency community to prioritize collaborative efforts in developing a more secure crypto industry. He emphasized the importance of working together to create a safe and regulated environment for the industry, ensuring that incidents such as the SVB case do not happen in the future.
Interestingly, depending on their perspective, the crypto community responded differently to his statements. Even though there were a lot of people who believed in him and helped him out with ideas, there were also other people who made fun of him.
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