March 29, 2024

Justin Sun, amid the collapse of Silicon Valley Bank, proposed creating a bank for the needs of the crypto industry

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Justin Sun, amid the collapse of Silicon Valley Bank, proposed creating a bank for the needs of the crypto industry

The founder of Tron on Sunday, March 12, made a proposal on social networks to solve the problems that await the financial system in connection with the bankruptcy of Silicon Valley Bank.

Justin Sun 
believes that the SVB case is a warning call for bankers:

"Recent incidents such as the situation withSVB show the potential damage that can be caused to other market participants. Now is the right time to create a bank you can rely on that will meet the needs of the cryptocurrency industry. As someone who supports this ecosystem, I am open to any idea that will help create such a bank.”

The creator of Tron expresses his willingness to helpfunds, management and operational support for such a project. Sun is confident that building a strong banking infrastructure will connect traditional finance with new digital assets. According to the developer, this must be done for the mass adoption of cryptocurrencies:

“Let's work together to create a safe, regulated environment for the crypto industry. We will make sure that incidents like SVB's do not happen in the future."

On Friday, March 10, CaliforniaThe Department of Financial Protection and Innovation (DFPI) asked Silicon Valley Bank to cease operations without disclosing the reasons for the decision. Earlier, the cryptocurrency bank Silvergate collapsed in the United States.