- Justin Sun publicly bids $1.5B for the Switzerland-based investment bank, Credit Suisse.
- Sun’s bid comes after a bid by UBS, a Switzerland-based multinational, fell short.
- According to Sun, with the acquisition, he will pave the way for a more innovative and decentralized financial system.
TRON founder and advisor at Huobi Global, Justin Sun, has publicly indicated an interest in acquiring Credit Suisse, the Switzerland-based investment bank. In a tweet, Sun revealed that the successful acquisition of the bank would support his company’s status as a leader in financial innovation.
By acquiring Credit Suisse and integrating it into the crypto-friendly financial landscape of Switzerland, we can leverage the country's progressive policies and position ourselves as a leader in financial innovation.— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 19, 2023
Sun declared his intention after a bid by UBS, a Switzerland-based multinational diversified financial services company, fell short. Sun proposed an offer of $1.5 billion to acquire Credit Suisse, hoping to integrate it into Web 3.0.
While explaining his intentions, Sun acknowledged Switzerland as one of the most crypto-friendly countries in the world. He noted that his vision for the future of finance involves embracing the potential of blockchain technologies and cryptocurrencies. According to Sun, both elements can create the opportunity for more innovation in the financial sector.
By integrating Credit Suisse into a crypto-friendly financial institution, we can pave the way for a more innovative and decentralized financial system.
Sun emphasized the need for evolution among financial institutions, noting that traditional financial institutions must adapt to the developing trend. According to him, this will enable the institutions to meet the needs of their customers, especially as the world moves towards a more digital and decentralized future.
Sun categorically stated that he intends to buy Credit Suisse and transform it into a crypto-friendly financial institution. By doing so, he believes he can create a new standard for financial innovation that will benefit all participants. According to him, his primary focus is to leverage the progressive policies of Switzerland to achieve leadership status in financial innovation.
Credit Suisse was founded in 1856 and has been a pillar of the Swiss financial sector. The bank’s reputation was reinforced in 2008 after it weathered the storm amid the global financial crisis, not needing a government bailout. Unfortunately, the bank now faces a mammoth problem fermented by divisive management and costly exposure to finance company Greensill Capital, among other management-related issues.
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