• Justin Sun, founder of the TRON Foundation, expressed interest to spend up to $1 billion to buy assets of embattled cryptocurrency lender Genesis‘ parent firm, Digital Currency Group (DCG).
• DCG’s venture portfolio includes more than 160 crypto companies, of which it has acquired 28, including CoinDesk, Grayscale, and Genesis.
• Sun had previously said he was prepared to provide distressed cryptocurrency exchange FTX with billions in aid before the exchange filed for bankruptcy in mid-November.
Justin Sun, the founder of the TRON Foundation and advisor to the crypto exchange Huobi, has expressed interest in purchasing assets from Digital Currency Group (DCG) – the parent firm of embattled cryptocurrency lender Genesis. Sun has offered to spend up to $1 billion of his own money to buy a portion of DCG’s assets, depending on their evaluation of the situation.
DCG’s venture portfolio includes more than 160 crypto companies, of which it has acquired 28. These companies include CoinDesk, Grayscale, and Genesis, as well as U.S. crypto exchanges Coinbase and Kraken. The portfolio also includes Circle, which runs the stablecoin USDC.
The move follows the news that Genesis owes over $3 billion to creditors, forcing DCG to consider selling some assets in its large venture portfolio to raise money. Sun is one of the richest figures in the crypto sphere, but his net worth is unknown.
This isn’t the first time Justin Sun has offered to help a distressed company. Prior to the bankruptcy of FTX, Sun had previously said he was prepared to provide the exchange with billions in aid. However, the deal eventually did not take place. Following FTX’s collapse, Genesis announced that it is temporarily suspending redemptions and new loan originations.
With Sun’s interest to invest in DCG’s assets, it remains to be seen how the situation plays out. If the deal does go through, it could provide much-needed assistance to Genesis and the wider crypto community.