Justin Sun, the founder of blockchain platform Tron, has expressed interest in buying Credit Suisse and transforming it into a “crypto-friendly” bank.
In a Twitter thread posted on Sunday, Sun proposed his own offer of USD 1.5 billion to acquire the struggling financial giant, should UBS fail to acquire it. Sun praised Switzerland’s progressive policies and regulations towards cryptocurrencies and said that his proposal could position Credit Suisse as a leader in financial innovation.
While it is unclear whether Swiss regulators would entertain Sun’s offer or if he was serious about it, Sun has a history of making offers for deals that do not materialize. In January, he stated that he was willing to spend up to USD 1 billion for assets belonging to Digital Currency Group. Last year, Sun also announced that he was ready to spend up to USD 5 billion on struggling crypto firms.
Credit Suisse has not responded to Sun’s offer, and neither has the Swiss Financial Market Supervisory Authority FINMA. As of Friday, the bank’s market capitalization was over USD 7 billion. If Sun were to acquire Credit Suisse and transform it into a crypto-friendly institution, he believes that it would create a new standard for financial innovation that benefits everyone.