The founder Tron Justin Sun is prepared to pay $1.5 billion for one of Europe’s largest investment banks, Credit Suisse, to “integrate it into the Web3 world.”
.@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
The leading bidder to acquire the group is financial giant UBS, which has offered $2 billion. If the deal does not go through, Sun intends to turn Credit Suisse into a crypto-friendly organization.
My vision for the future of finance involves embracing the potential of blockchain technology and cryptocurrencies. By integrating Credit Suisse into a crypto-friendly financial institution, we can pave the way for a more innovative and decentralized financial system.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 19, 2023
“My vision for the future of the financial sector involves leveraging the potential of blockchain technology and digital assets. By turning Credit Suisse into a crypto-friendly bank, we can pave the way for a more innovative and decentralised economic system,” — writes the head of Tron.
Sun also noted the favorable regulatory landscape in Switzerland. In his view, such a place could create a “new standard for financial innovation that will benefit everyone.”
On March 15, Credit Suisse shares unexpectedly fell by more than 15%, and the drop from ATH reached 98%.
This situation forced Credit Suisse to consider a $53 billion loan from the Swiss National Bank.
At the time of writing, the bank’s securities were trading at $0.94. According to TradingView, over the past 24 hours their price had plunged by almost 53%.
Earlier, in the wake of the collapse of Silicon Valley Bank, the founder of Tron said there was a need to create a “reliable bank” for the crypto industry. Sun, in turn, offered to provide “financing, governance and operational support.”
Earlier in March 2023, former Belgian finance minister Johan Van Overtveldt called for banning digital assets. He argued that the fallout from the collapse of crypto-friendly American banks had negatively affected the EU’s financial sector.