• Justin Sun, founder of TRON Foundation and Chinese crypto entrepreneur, has revealed he is willing to spend up to $1 billion of his own money to buy assets of Digital Currency Group (DCG).
• DCG lists more than 160 crypto companies in its portfolio, of which it has acquired 28. Sun had previously offered billions of aid to crypto exchange FTX before it filed for bankruptcy in mid-November.
• Genesis, the parent company of DCG, has announced it is temporarily suspending redemptions and new loan originations due to its own financial crisis.
Justin Sun, the founder of the TRON Foundation and a Chinese crypto entrepreneur, has announced his interest in investing up to $1 billion of his own money to buy a portion of Digital Currency Group (DCG). DCG is the parent company of the embattled cryptocurrency lender Genesis and is considering selling some of its VC assets to raise money.
DCG, which is a crypto conglomerate, has an extensive portfolio that includes more than 160 crypto companies, of which 28 have been acquired. The company has invested in several noteworthy firms, including crypto exchange Coinbase and Kraken, as well as U.S. stablecoin USDC. Sun is already an advisor to crypto exchange Huobi and is one of the wealthiest figures in the crypto space.
Sun had previously revealed his intention to provide a distressed crypto exchange FTX with billions in aid before it filed for bankruptcy in mid-November. However, the deal eventually did not take place. Consequently, Genesis announced it is temporarily suspending redemptions and new loan originations due to its own financial crisis.
Justin Sun’s offer is an opportunity for DCG to raise funds and alleviate their financial burden. As of now, it remains to be seen which parts of DCG’s venture portfolio Sun is interested in acquiring. He has not specified which assets he plans to purchase. If the acquisition is successful, it could lead to the emergence of a new and powerful force in the crypto industry that has the potential to revolutionize the way cryptocurrencies and blockchain technology are used.