Tron’s Justin Sun Offered $1.5B to Acquire Credit Suisse

Justin Sun, the founder of blockchain-based Tron has signaled interest in Switzerland Based investment bank Credit Suisse bank while also sharing his plans for the platform.

In a March 19 Twitter thread, Sun made an unofficial bid to acquire the stuffing Swiss bank for $1.5 billion and transform the bank into a crypto-friendly financial institution by integrating it into the Web 3.0 world. 

According to Sun who is a strong proponent of blockchain technology, Switzerland has progressive policies regarding the industry and he hopes to leverage this by using the Swiss bank to create a new standard for financial innovation and pave the way for decentralized financial systems.

It is unclear if the Chinese crypto tycoon is serious with his proposal or if at all the offer will be considered by the bank and the regulators given the possibility that the bank could be nationalized.

Notably, this is not the first time the Tron founder is signaling interest in embattled firms, before his interest in Credit Suisse, the Chinese crypto entrepreneur announced his intentions to spend about $1 billion to acquire assets of Digital Currency Group.

At another time, Sun also considered the possibility of acquiring the asset of bankrupt FTX. The crypto mogul is rumored to be the largest shareholder and shadow owner of Huobi Global. However, he has dispelled these rumors adding that he is only but a global advisor in the exchange.

Credit Suisse gets Acquisition offer from UBS

Interestingly, Sun’s proposal is coming after it appears that an initial $1 billion offer by UBS Group may have fallen short as the bank’s closing stock as of Friday Exceeded UBS’s proposed offer.

The Swiss authorities brokered the deal to avoid a potential bank run after Credit Suisse’s latest financial report revealed a serious deficiency in its financial reporting.

Credit Suisse crisis is coming at the heels of the collapse of three major banks including Silicon Valley Bank, Signature Bank, and Silvergate. 

Just before its crisis began, Credit Suisse led a $65 million round for digital asset firm Taurus SA to scale the latter’s operations.