: Tron founder prepared to provide ‘billions’ in aid to FTX


As FTX and its associated companies scramble to raise capital, another rival cryptocurrency player is reportedly willing to provide the struggling exchange with billions of dollars in aid. Bloomberg Television reporter Tom Mackenzie tweeted Friday that Justin Sun, the founder of the crypto token Tron, said he was prepared to offer billions of dollars to FTX provided the due diligence checks out. Son reportedly said that this is a “good moment to show unity in crypto industry.” Many crypto investors and industry players have lamented in recent days that the issues with FTX would seriously undermine confidence in the still-nascent industry. Earlier this week, Binance had offered to buy FTX’s foreign assets, but ultimately backed out after performing some due diligence. According to a Reuters report, FTX chief Sam Bankman-Fried is scrambling to raise more than $9 billion to keep the exchange solvent, and there has been talk about a potential fund-raising deal involving several other crypto-industry players including Sun, rival exchange OKX and the stablecoin platform Tether, as Reuters has also reported. Bitcoin has fallen more than 15% over the last week and was recently trading around $17,300.

This article was originally published by Marketwatch.com. Read the original article here.

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