- H.E. Justin Sun tweeted about the potential harm prevalent in the financial sector, referring to the SVB fall.
- The TRON founder added that it is necessary to build a reliable bank.
- He added that he would help in any way and invited the cooperation of the crypto community.
H.E Justin Sun, the founder of the blockchain DAI ecosystem TRON and the Global Advisor to the international crypto exchange Huobi, shared a Twitter thread on March 12 highlighting the “potential harm” prevalent in the financial sector, referring to the debacle of the commercial banking company Silicon Valley Bank (SVB).
Earlier, on March 10, the California Department of Financial Protection and Innovation (DFPI) asked SVB to shut down due to some undisclosed reasons, leading many financial institutions and investors at risk.
Notably, Sun tweeted that recent incidents like the sudden crash of SVB Financial Group showcase the potential harm to many financial institutions:
Significantly, he reiterated that it is mandatory to build a “reliable bank”, stating:
It’s time to build a reliable bank that can cater to the needs of the crypto industry. As a supporter of this ecosystem, I’m open to any idea that can help create such a bank.
In a following tweet, the TRON founder shared his willingness to collaborate with his friends to “provide funding, management, and operational support”. He added that a “robust banking infrastructure” bridging traditional finance and novel digital finance is necessary for a “wider adoption of cryptocurrencies”.
As a conclusion to his series of tweets, Sun invited the crypto community’s attention to the obligation of collective work to attain a safer crypto industry, quoting:
Let’s work together to establish a safe and regulated environment for the crypto industry and ensure that incidents like the SVB case do not occur in the future.
Interestingly, the crypto community received his messages with a mixture of opinions. Though there were many who supported him, providing him with ideas, there were some who laughed at him.