Amid clamors that Binance’s recently published proof-of-reserve is concerning, key players continue to show confidence in the exchange.

Justin Sun, the founder of TRON, revealed in a tweet that he has deposited $100 million on Binance, a move that could be aimed at calming fears about the financial health of the largest exchange by trading volume.

Sun also shared the wallet address of the transaction for the community to confirm on-chain.

In response, Binance’s CEO Changpeng Zhao stated that the deposit is part of cross-chain swap processes to deploy BUSD on the TRON blockchain.

CZ also notes that he does not know the details of the arrangement as he is not handling it himself, and Sun, in agreement retweeted.

The interaction between the two crypto billionaires is coming after Binance has been seeing a surge in outflows.

Per data from blockchain intelligence platform Nansen, Binance recorded $1.6 billion worth of withdrawals in the last 24 hours.

This brings the exchange’s weekly Netflix to -$1.9 billion. However, the figure is still less than the -$2.3 billion netflow Binance processed in the wake of the FTX collapse, Nansen noted.

There's a spike in withdrawals from Binance in the last 24H with -$1.6B* netflow

Its 7-day netflow is now at -$1.9B, currently this is less than the -$2.3B weekly netflow Binance has processed in the wake of FTX collapse

*ETH & ERC20 tokens only pic.twitter.com/pwbeQXtDxK

— Nansen 🧭 (@nansen_ai) December 13, 2022

Amid the massive withdrawals, Binance has gone on to carry out a routine pause of withdrawals for some tokens for maintenance. In particular, it suspended USDC withdrawals to enable it to complete a token between PAX/BUSD.

Is Binance in real danger or is the FUD a coordinated attack?

The price of Binance’s BNB Chain’s native token, eponymously named BNB, has also taken a dive on the back of the fear, uncertainty, and doubt (FUD) permeating the market. BNB has fallen 5.34% in the last 24 hours, trading at $268.58.

Much of the market’s concern for Binance arose from reports on the Binance proof-of-reserve audit released by global financial audit and tax advisory firm Mazars.

The audit showed that Binance’s BTC holdings, excluding loans made out to Binance’s margin trade users, were 97% collateralized.

A financial expert pointed out the discrepancy as a red flag to the Wall Street Journal. According to the expert, the audit report is also not very forthcoming on details of Binance’s internal controls, risk management, and corporate structure.

Meanwhile, Binance has continued to reassure users of its financial health. In a recent tweet, CZ admonished the market to “ignore the FUD” and “keep building!”

Der Beitrag TRON founder Justin Sun helps Binance to fight fear amongst proof of reserve rumors – Is the danger real? erschien zuerst auf Crypto News Flash.

TRON is a blockchain-based, open-source protocol for the global digital entertainment industry.

TRON’s vision is to build a free, global digital entertainment ecosystem that allows anyone to store and own data using blockchain technology.

The project’s native token, TRX, has a market cap of $843,554,421,187 and reached an all-time high of $0.3004 on Jan 05, 2018. With a circulating supply of 92,202,259,054 and a market cap of $4.7B, TRX is currently the 17th largest cryptocurrency by market capitalization. However, it has dropped significantly in the past weeks and experts have made various TRX price predictions for the end of 2022.

Tron dropped the 2nd week of November, what do experts say?

According to experts, there are 3 main reasons for the continuous drop in TRX prices.

1 The first is the loss of faith in cryptocurrencies.

The crypto industry was dealt a major blow when one of its own, FTX, filed for bankruptcy. This caused many to lose faith in cryptocurrencies and question their safety. Users on the platform started withdrawing their crypto assets, which led to a domino effect and further drops in TRX prices.

2 Presence of Competitors like BitGert

According to an article by analytics insight, Bitgert (BRISE) and Centcex (CENX) have also been experiencing a bigger adoption rate than TRX this year, and this is seen in their price performance in 2022. The success of these projects has drawn attention away from TRX, which has contributed to its drop in price.

3 Instability within the TRON network in the past weeks.

Besides the effects of FTX’s crash, there have been speculations about Almeda selling its USDD holdings. The founder of TRON also tweeted about this, stating that Almeda might have sold its USDD holdings. This had a negative impact on USDD (the Tron network’s algorithmic decentralised USD stablecoin). As a result, it was depegged from the dollar multiple times, causing panic among investors. This led to a sell-off of TRX, which contributed to its continuous drop in price.

Overall, TRON is a volatile token, and to benefit from volatility you can utilise trading automation tools like;

• An exchange bot: An exchange bot is a software that trades on your behalf on an exchange. It can be connected to your bank account, so you can easily deposit and withdraw money. There are many exchange bots available, but KuCoin is one of the most popular ones.
• A trading robot: A crypto trading robot is a software that trades on your behalf on an exchange. There are many different types of trading robots that integrate with many centralised exchanges. For example 7tesler allows you to trade with up to seven different cryptocurrencies at the same time but these are considered a bit more risky.
• A multi-exchange bot: A multi-exchange bot is a software that trades on your behalf on multiple exchanges based on a set of conditions. This type of bot is becoming more popular as it allows you to take advantage of arbitrage opportunities. 3commas and Pionex are two of the most popular multi-exchange bots.

With that said, what does the future hold for TRX?

How is Tron (TRX) expected to perform by the end of 2022?

Technical Analysis

TRON has been in a downtrend since the beginning of the year, trading at a low of $0.045 (the lowest it has been this year). It has found support at this price point multiple times, but has failed to break below it.

The moving averages have been acting as resistance, and the price has stayed below the 50EMA on the daily chart since August. Overall, TRX seems bearish from a technical standpoint. If the support level doesn’t hold up price, then TRON could trade lower to the next minor support level at $0.03

Fundamental Analysis

According to CryptoQuant’sdata, TRX might be approaching an oversold condition. However, the FTX crash and the Almeda incident have caused many to lose faith in TRON. In addition, the presence of competitors like Bitgert and Centcex has drawn attention away from TRX. As a result, it is hard to say whether TRX is undervalued at this point. On the bright side, the founder of Tron, Justin Sun, has stated that FTX and TRON will soon allow TRX users to transfer assets from FTX to external wallets. This might help to increase confidence in TRON and lead to a price increase.

TRX looks bearish

At the moment, the FTX crash, the Almeda incident, and the presence of competitors have all caused TRX’s price to drop. The cryptocurrency is currently trading at a support level of $0.045, but if this support level doesn’t hold up, then TRON could drop to the next minor support level at $0.03 in the coming months. From a technical standpoint, TRX looks bearish, but from a fundamental standpoint, the cryptocurrency might be undervalued.

Der Beitrag Tron (TRX) performance and price prediction for the end of 2022 erschien zuerst auf Crypto News Flash.

President of El Salvador Nayib Bukele and Justin Sun, founder of blockchain decentralized autonomous organization (DAO) ecosystem TRON, revealed the super bullish strategy they intend to adopt to purchase Bitcoin (BTC) despite recent volatile price action.

In a Nov. 17 tweet, Bukele revealed that El Salvador will start buying 1 BTC every day starting the next day. In response, Justin Sun said that TRON DAO Reserve will echo the initiative by also buying 1 BTC every day starting on Nov. 18. He wrote;

“We echo Nayib Bukele’s initiative in buying Bitcoin daily. We will also buy one Bitcoin everyday starting tomorrow!”

We echo @nayibbukele’s initiative in buying #Bitcoin daily. We will also buy one #Bitcoin everyday starting tomorrow! @trondaoreserve @trondao https://t.co/cRqfBIPKGR

— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 17, 2022

This is not the first time Sun has matched President Bukele’s BTC dip-buying initiatives. Back in May, TRON DAO Reserve bought 500 BTC at an average price of $31,031 (for a total of $15.5 million) to match a purchase made by the South American country’s president.

El Salvador has remained the only sovereign nation to adopt Bitcoin as a legal tender since passing the bill into law in 2021. Since then, El Salvador has accumulated around 2,381 BTC. According to a Bloomberg report, the BTC holdings purchased at an estimated total price of $105 million, are currently worth roughly $41.5 million—losing more than 60 percent of their value.

Bukele’s latest tweet, which does not state how long into the future the daily purchases will continue, confirms that the president is not giving heed to multiple criticisms that El Salvador’s adoption of BTC and multiple purchases of the cryptocurrency using state funds have garnered.

TRON DAO Reserve well cushioned against market volatility

The TRON DAO Reserve meanwhile will be adding its Bitcoin purchases to collateral backing the TRON DAO ecosystem’s algorithmic stablecoin, USDD, or decentralized USD.

Per data from the ecosystem tracker USDD.io, the stablecoin has a total collateral of over $1.4 billion backing around $725 million worth of issued USDD. This comprises cryptocurrencies including TRX, BTC, USDT, and USDC.

In an update last week, TRON DAO revealed that it would be purchasing $1 billion worth of USDT to help it “safeguard the overall blockchain industry and crypto market.”

Meanwhile, the price of BTC is trading at around $16,570, down 1.31% in the last 24 hours according to our data at the time of writing.

Der Beitrag President Bukele super bullish on BTC, will buy Bitcoin every day, TRON’s Justin Sun following him erschien zuerst auf Crypto News Flash.

According to recent research, the Solana blockchain is faster than Algorand and Tron. In a list of the fastest blockchains in the cryptocurrency space, Solana outclasses some of its peers, earning a reputation as one of the best blockchains.

With the league of existing blockchains, speed and safety are the top factors investors and developers consider before committing to a particular blockchain. The efficiency of a blockchain is rated by how swiftly it can process transactions.

Major attributes of Algorand and TRON

Algorand is making a wave of offering a relatively high transaction speed. Found in 2019, the blockchain has a TPS strength of 1,300. The project is attempting to increase it to 3,000. The blockchain utilizes a Pure Proof-of-Stake (PPoS) consensus mechanism. This system of PoS doesn’t require validators to lock up their funds to participate in the validating process. Algorand picks validators randomly and incentivizes them for their contribution to the network. Algorand is commonly referred to as a multi-layer structure that ensures the swift processing of transactions while prioritizing security. However, its 1,300 TPS still falls short of Solana’s.

Tron is a decentralized blockchain-based operating structure designed by the Tron Foundation. The blockchain has a speed strength of 2000 TPS, and it’s capable of processing transactions in 5 minutes. The blockchain has been utilized by numerous projects because it segments different kinds of ecosystem data.

How Solana reigns supreme over its peers

Solana has gained major recognition in the digital asset sphere due to its strength in processing transactions swiftly. The blockchain has an efficient speed strength of 50,000 TPS an impressive figure that has attracted numerous DApps and NFTs projects. With NFT collections, Solana has established itself as a worthy competitor against the dominance of Ethereum.

This giant stride coincides with the low on-blockchain fee Solana charges. Since its creation in 2017, the blockchain has attracted over 350 projects as its TPS and low fee appeal to many developers. Worth noting that the Solana blockchain combines both proof-of-history (PoH) and proof-of-stake consensus mechanisms.

Final thoughts

With the attributes listed above, Solana seats above Algorand and Tron on the list of the fastest blockchain. Though, both Algorand and Tron are working on future updates that will aid them to process transactions faster. Currently, they fall short of Solana on numerous metrics.

Der Beitrag Solana faster than Algorand and TRON – The fastest blockchains in crypto space erschien zuerst auf Crypto News Flash.

After disclosing the amount of Huobi tokens he holds and his investment interest in the exchange, TRON founder, Justin Sun, has announced a merger between TRON and BitTorrent chain ecosystem with Heco. He added that the developers from the three ecosystems would work together to improve the Heco network.

We will merge #TRON and #BitTorrent Chain ecosystem with Heco. We will deploy sufficient capital to encourage all Heco developers to build on #TRON and #BitTorrent Chain together. Let's build!

— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) October 14, 2022

Sun has been in the news for various reasons in the last 24 hours. In an interview on Friday, Sun said his current Huobi tokens (HT) are in the tens of millions. Sun’s announcement about a merger with Heco has positively impacted the price of TRON’s native token (TRX). Within one hour of the announcement, TRX’s price surged by more than 4 percent.

About Heco Chain

Heco chain is a decentralized, energy-efficient, and effective public chain that helps the evolution of developers from one stage to another. Apart from supporting high-performance transactions, it is also compatible with smart contracts. Heco’s merger with the TRON network is logical, given that the Huobi token is the native token of the Heco ecosystem.

The price of Huobi tokens spiked massively following the TRON founder’s disclosure of his Huobi token holdings. The integration of Heco with TRON has been a long-term objective of TRON developers, as connecting many chains is one of their primary objectives.

Last year, the team announced plans to support the Heco chain following the launch of the BitTorrent Chain testnet. Sun added that the TRON network would raise funds to accommodate all Heco developers so that they can join hands to build the TRON and BitTorrent chain.

Reviving Huobi exchange

Recently, Justin Sun became an advisory board member for Huobi global. After the announcement, he said he has plans to revive the popular crypto exchange. According to him, part of the revival plans would be business cooperation, brand upgrade, and empowerment.

Sun also said empowering Huobi’s native token is the key to reviving the crypto exchange. He added that the exchange advisory board would unite all fractions in the exchange to move the company forward in the shortest period. The TRON founder, who claims to be speaking on behalf of the board, said the company has no intention of returning to China.

Instead, it would seek to become a global exchange. Recent changes to the Huobi leadership position have accelerated the implementation of this revival plan.

The latest data shows that the Huobi token’s price is up 1.42 percent in the last 24 hours and trades at $7.56. TRON (TRX)’s price is also up 2.02 percent within the same period and trades at $0.0631, according to the same data.

Der Beitrag BREAKING: Ethereum Rival TRON (TRX) merges with Heco to revolutionize blockchain ecosystem erschien zuerst auf Crypto News Flash.

In the latest development, the Tron blockchain has been appointed as the official national blockchain infrastructure of Dominica. Besides, Dominica has also selected Tron as its official partner to develop and issue the nation’s own fan token Dominica Coin (DMC).

This partnership is probably the highest level of cooperation between a sovereign state and a blockchain platform. As part of this partnership, this public blockchain project will launch a series of applications based on emerging technology for other sovereign states.

Related: TRON (TRX) “will grow to be the blockchain protocol of the future” – Big update from Justin Sun

Dominica said that the crypto economy in the Caribbean region has been growing very fast and it seeks to leverage this momentum. Furthermore, the collaboration of the country with TRON was long-planned. As said, TRON will be issuing the Dominica Coin (DMC) on behalf of the government. This will be a blockchain-based fan token that will help in promoting “Dominica’s global fanfare for its natural heritage and tourist attractions”.

Furthermore, Dominica said that the reason behind choosing Tron was that it was one of the leading blockchain platforms offering efficient and cost-effective crypto settlements. Roosevelt Skerrit, Prime Minister of Dominica said that by leveraging Tron’s blockchain technology, they would be able to build a more inclusive and diversified economy. He further added:

The open and cost-effective nature of the TRON blockchain infrastructure will play a vital role to better integrate Small Island Developing States like Dominica into the global economy in the future.

Tron-based cryptocurrencies become legal tender in Dominica

As part of this development, all Tron-based cryptocurrencies such as including TRX, JST, USDD, and TUSD will become legal tender in Dominica. Justin Sun, the founder of the Tron project, also announced that the government of Dominica will now grant statutory status to all Tron-based digital assets. Citing the official document of the Dominica government, Justin Sun stated:

It is official! All #TRON cryptos including #TRX #BTT #JST #NFT #USDD #USDT #TUSD are granted statutory status as authorized digital currency and medium of exchange in the commonwealth of Dominica effective on October 7th, 2022.

Founded in 2017, Tron is now one of the world’s largest public blockchain networks with more than 115 million users and over 4 billion transactions. The Tron blockchain holds more than $50 billion in on-chain assets. As a result, Tron has also emerged as “one of the largest decentralized organizations”.

The official document of the Dominica government shows that they would be accepting Tron for public services including tax payments. Besides, they would also accept TRON for payment of goods and services.

Der Beitrag BREAKING for adoption: TRON (TRX), JST and USDD become legal tender in this beautiful country erschien zuerst auf Crypto News Flash.

Blockchain oracles for hybrid smart contracts, Chainlink, hosted this year’s SmartCon event in New York. The event with the theme “invent the future of Web3” was held between 28-29 September 2022. SmartCon claims to be the best Web3 enthusiasts, including developers and luminaries, to connect and learn from each other.

During this year’s event, TRON founder, H.E. Justin Sun, was among the speakers. Even though Sun delivered his speech virtually, Sun shared the remarkable story of establishing TRON and several meaningful partnerships the network has accomplished over the past two years.

Recap of #TRONChad @justinsuntron giving a virtual speech at #SmartCon2022 by @chainlink ! 🚀 #TronStrong💎

"I believe that TRON will grow to be the blockchain protocol of the future." 🔥 pic.twitter.com/CNCDvc98p8

— TRON DAO (@trondao) October 2, 2022

Sun also remarked on several GameFi opportunities available for development on the TRON network. According to him, these opportunities are available because of TRON’s partnership with Binance and Chainlink on several assets, such as the USDD stablecoin. Sun encouraged attendees not to fear mistakes but build something out of their passion. He added that mainstream adoption would happen so long that Web3 players remain true to their mission of web decentralization.

He further said TRON could become the blockchain global settlement layer for the long term. Speakers at the SmartCon event included top brands’ representatives, who spoke about various topics affecting the Web3 space. Such topics included governance issues, smart contracts for unlocking Bitcoin, Web3 education, improved user experiences, Web3 real estate, bridging TradFi and DeFi, interoperability, and the open metaverse.

TRON releases its monthly report for September 2022

Meanwhile, TRON released its monthly report for last month. Some of the highlights in the report included TRON’s participation as a title partner at this year’s TOKEN2049 event held in Singapore. The network’s founder was among the panel discussants at this event. The report also stated that Justin Sun delivered a keynote address titled “TRON leads the way to web 3.0” during the 2022 South Korea Upbit Developer Conference (UDS).

🚀#TRON Monthly Report of September! Check out!

✅#TRON participated as a Title Partner in #TOKEN2049 Singapore.
✅@justinsuntron attended the 2022 @Milkenlnstitute Asia Summit.
✅@usddio is supported on @JustMoneyIO Pay. pic.twitter.com/xVwsKBhMoH

— TRON DAO (@trondao) October 2, 2022

Furthermore, Sun was one of the many important dignitaries at the 2022 Milken institute Asia summit. Curtis S. Chin (Chair of the Asia Center) talked with Sun to get insights about varying issues in the crypto space, such as technologies and the digital economy. Sun remarked that there are still enormous opportunities for the growth of digital currencies.

He also noted that TRON is still far from its goal of having 7 billion users globally as it only has over 100 million wallets from the last five years. The monthly report also provided other updates going on in the TRON network. For instance, the TRON hackathon Season 3 is live, with ongoing project submissions.

The report further stated that the crypto payment gateway, JustMoney Pay, now supports TRON’s algorithmic stablecoin, USDD. It also noted that the popular crypto exchange, Huobi Global, now supports TRX/USDC. Earlier last month, Malta-based crypto exchange, OKX, launched TRX and BitTorrent (BTT) staking on its platform, with stakers having the chance to earn up to 65.35 percent annual percentage yield (APY).

Der Beitrag TRON (TRX) “will grow to be the blockchain protocol of the future” – Big update from Justin Sun erschien zuerst auf Crypto News Flash.

An unknown hacker targeted the decentralized finance (DeFi) operations of UK-based cryptocurrency market maker Wintermute, making off with about $160 million worth of digital assets. Wintermute is the latest victim of a multi-million dollar DeFi hack.

Wintermute hit in $160M hack 

In a Tuesday announcement on Twitter, Wintermute founder and CEO Evgeny Gaevoy confirmed that the company had lost $160 million after suffering a major security breach. He added that the company’s centralized and OTC services were not affected by the hack, before assuring users that it remains “solvent with twice over that amount in equity left”.

Gaevoy noted that 90 different tokens were looted. Of these assets, only two of the sums lost were worth between $1 million and $2.5 million. The spoils from the remaining 88 were each worth less than $1 million, suggesting there’s not likely to be a major sell-off of assets.

Wintermute, regulated by the U.K Financial Conduct Authority, trades billions of dollars worth of crypto assets on a daily basis as it offers liquidity in the market. Last week, Tron tapped Wintermute to become its official market maker. The move was aimed at assisting the decentralized network’s native TRX token to improve liquidity across various exchanges.  

Gaevoy indicated that Wintermute is treating the hack as a whitehat event, in which the perpetrator returns all the stolen funds and receives a reward for pinpointing the vulnerability that will help avoid repeat exploits in the future.

Another day, another DeFi attack

Notably, Wintermute is only the latest in a string of projects to become the target of hacks in recent months. 

The largest DeFi attack of all time, April’s Ronin bridge hack, saw more than $600 million worth of digital assets drained from the bridge that powers the Ethereum-based game Axie Infinity. A couple of months before that, at least $300 million was stolen from Wormhole, sending shockwaves across the Solana network community and the wider DeFi ecosystem.

Just last month, roughly $200 million was siphoned out of crypto bridge Nomad in a frenzied free-for-all hack. Days later, hackers plundered $570 million from DeFi protocol Curve.Finance. With over $1.2 billion lost to DeFi heists last year, Wintermute is unlikely to the be last time the crypto industry faces a hack.

Der Beitrag TRON partner crypto market maker Wintermute hacked for $160M erschien zuerst auf Crypto News Flash.

According to the official announcement, Wintermute will provide liquidity across exchanges for TRONDAO’s native token “TRX”  and foster competitive spreads during all types of market conditions. It will also act as a strategic partner for the entire TRON ecosystem including offering insights on market conditions to help create a sustainable liquidity model, and more.

#TRON is thrilled to announce that @wintermute_t is now the official market maker for $TRX! 🚀

Together, we're building a stronger decentralized web. 🌐 🤝 #sTRONgerTogether

Check out the full article by @Cointelegraph below. 👇https://t.co/GD1ZLBPQV1 pic.twitter.com/gk8FLjLyET

— TRON DAO (@trondao) September 12, 2022

Market makers are firms that stand ready to buy or sell securities. They offer up-to-date prices at which they are willing to buy or sell certain amounts of a cryptocurrency ensuring speedy execution of trades and better liquidity for contracting parties. Although these entities have been major players in traditional securities markets, their role in cryptocurrencies has been increasing in recent years.

Despite being a fairly new entrant, Wintermute has metamorphosed into one of the leading market maker firms for all things OTC allowing institutions and individuals to trade cryptocurrencies of any size at the most competitive prices.  By connecting directly to Wintermute, TRON users can execute transactions using the best prices sourced from over 60 liquidity pools. Users are also protected from market takers or crypto whale’s influence over asset prices leading to a more decentralized ecosystem that allows for greater user autonomy.

“This latest partnership between Wintermute and TRON is an extension of our efforts to partner with leading DeFi projects and offer our support through what we do best-making markets more liquid,” said David Micley, Director of Business Development at Wintermute. “We’re thrilled for the opportunity to contribute to the TRON ecosystem as a liquidity provider.”

Earlier in the month, Wintermute joined the TRON DAO Reserve after being granted authority to mint and redeem USDD, TRON’s algorithmic stablecoin. Since being launched in 2018, the TRON network has continued to expand its wings onboarding close to 600 DApps and over 100 million monthly active users.

As of September 13, 2022, the network has over 11 million total user accounts, more than $3.8 billion in total transactions, and over $12.37 billion locked (TVL) as seen on TRONSCAN.

Additionally, TRON has the largest circulating supply of USD Tether(USDT) stablecoin at $33.1 billion. In December 2021, the Tron Network became fully decentralized after launching a community-governed DAO. Most recently, the DAO launched the now “overcollateralized stablecoin” USDD stablecoin marking TRON’s official entry into decentralized stablecoins.

The partnership with Wintermute is thus a strategic move that could greatly help TRONDAO  increase its user base through the provision of seamless liquidity and stamp its authority as a world leader in the De-Fi and DApp ecosystem.

Der Beitrag Big TRON (TRX) update: New heavyweight partners, sponsoring and listings erschien zuerst auf Crypto News Flash.

• It is important to note that effort is underway with Tron already engaged with an investment bank for advice on potential deals.

The bear-dominating market has not only affected investors but also crypto-related firms. This has pushed FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao to offer support to some of the struggling companies. According to a recent report, Tron blockchain ecosystem founder Justin Sun is ready to get involved as he offers up to $5 billion for acquisitions. Sun disclosed to reporters that several companies have reached out to him after his recent tweet that he is ready to serve. 

FTX has already embarked on its mission with the provision of credit facilities to companies including Voyager Digital and BlockFi. Binance CEO Changpeng Zhao has also disclosed that several crypto funds have reached out to them for help as a result of their “largest cash reserve in the industry.”

We look at all of that. We’re looking at [five to one hundred]deals. Everyone knows we have the largest cash reserve in the industry. Everyone’s talking to us.

Zhao further mentioned that Binance has already agreed on some deals. Speaking on why these deals were not in the news, he mentioned that the company would only announce agreements with bigger firms due to the privacy of the smaller ones. 

Related: FTX CEO Sam Bankman-Fried warns that some crypto exchanges are insolvent already, and more will follow

Tron commences engagement with a bank

In a recent statement, Sun admitted that the number of firms seeking help from him can be compared to the 50 to 100 cited by Binance.

We are actively reviewing it and seeing what we can do here. We are ready to spend [$]5 b[illion]on helping the industry builder[s]to continue [to]build.

It is important to note that effort is underway as Tron has started to engage with an investment bank for advice on potential deals. The bank’s name was withheld due to a non-disclosure agreement. According to Sun, their focus would mainly be on both healthy and distressed firms, however, there would be a due diligence process before concluding any deal. 

When asked whether the $5 billion is his money or Tron’s money, he said that it is a mixture of both. Its DAO is currently on reserves of $2.3 billion. Speaking about the current market situation, he explained that the worst is already in the past.

Our interest is platforms with a large user base. Both CeFi [centralized finance]and Defi [decentralized finance]platforms. I think currently the de-leverage process is passed the worst time. So we just need to clean it up and move forward. I don’t think [the]market will be super bullish, of course.

Der Beitrag Tron Founder ready to spend up to $5 billion on acquisitions as crypto firms struggle erschien zuerst auf Crypto News Flash.