Hassan Maishera
TLDR;
- Tron’s Justin Sun has offered to buy troubled Credit Suisse and turn it into a web3-friendly bank.
- UBS has already acquired Credit Suisse in a deal worth $3.24 billion.
Sun Offered To Buy Credit Suisse
Justin Sun, the founder of the Tron blockchain, revealed a few hours ago that he wished to acquire the embattled Credit Suisse should UBS fail to acquire the investment bank.
According to Sun, he wanted to acquire Credit Suisse for $1.5 billion and turn it into a "crypto-friendly" bank. He wrote;
"I would like to propose my own offer of $1.5 billion to acquire Credit Suisse and integrate it into the Web3.0 world. We can leverage the country's progressive policies and position ourselves as a leader in financial innovation."
.@UBS's bid for @CreditSuisse falls short. I would like to propose my own offer of $1.5 billion to acquire Credit Suisse and integrate it into the Web3.0 world. Switzerland has been one of the most crypto-friendly countries in the world.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 19, 2023
However, Justin Sun’s offer fell short of what Credit Suisse was eventually sold for. Credit Suisse was acquired by UBS in a deal worth over $3 billion. Credit Suisse is the latest financial institution to face liquidation problems after the collapse of Silicon Valley Bank and Signature Bank in the U.S. earlier this month.
It wasn’t clear if Sun’s offer was legit, but had he pulled something like that off, it would have been a historic moment for the cryptocurrency space. In January, Sun told Reuters that he was willing to spend roughly $1 billion on assets belonging to Digital Currency Group.
In 2022, the Tron founder said he was willing to spend more than $5 billion on struggling cryptocurrency companies. He commented that by acquiring Credit Suisse and transforming it into a crypto-friendly financial institution, Tron could create a new standard for financial innovation that benefits everyone.
