On March 12, H.E. Justin Sun, founding member THRONE ecosystem and global advisor at Huoba, a crypto exchange, posted a thread on Twitter highlighting the “potential damage” prevalent in the financial sector. He explicitly refers to the current debacle in the financial markets following the collapse of the Silicon Valley bank (SVB) last week.
On March 10, the California Department of Financial Protection and Innovation (DFPI) took over SVB citing insufficient liquidity and insolvency, endangering many financial institutions, including Circle, the issuer of the USDC, and depositors whose funds are now stuck in the bank.
Sun: There is a need to establish a stable bank
Sun noted that recent events, such as the unexpected collapse of SVB Financial Group, show the potential for damage to many financial institutions.
He reaffirmed the need to establish a stable bank, stating that it is time to build a trusted bank that will meet the demands of the cryptocurrency business. As a crypto advocate, Sun is open to any suggestions that could facilitate the establishment of such a financial institution.
In a follow-up tweet, the Tron creator, who recently made headlines with his regulatory stance, he expressed his willingness to work with collaborators to provide financial, management and operational assistance. He said that for “broader adoption of cryptocurrencies,” a robust banking infrastructure must bridge the gap between conventional and innovative digital finance.
Sun concluded his topic by calling the attention of the cryptocurrency community to the necessity of collective action to achieve a safer crypto business, citing:
“Let’s work together to create a safe and regulated environment for the cryptocurrency sector to eliminate the possibility of future scandals like the one involving SVB and ensure that the industry continues to thrive.”
Founder of the Throne: H.E. Justin Sun
His comments follow news that the Tron network has cumulatively processed more than 5b transactions.