Justin Sun Interested In Acquiring Assets From Credit Suisse And Putting It On Web3
TRON founder Justin Sun wants to buy assets or shares of the troubled and on the verge of bankruptcy, Credit Suisse (Switzerland) and bring it to the Web3.
Credit Suisse has been the focus of attention for the past few days. The reason is that the fee for the bank’s 5-year default swap (CDS) contract increased to 250 basis points (2.5%) last Friday.
Credit Suisse’s CDS spreads are currently unrecognized since 2009. As illustrated below, the cost of insuring the company’s bonds against default increased by about 15% last week to the highest said.
Alongside, and the market capitalization of the Swiss bank dropped to around 10 billion Swiss francs [$10.1 billion] as the shares of the company tumbled below $4 to create a new all-time low last week.
Faced with a dangerous situation, TRON founder Justin Sun shared about wanting to buy back Credit Suisse assets or shares and bring it to the Web3. Surely Justin Sun is looking to expand and diversify the ecosystem for TRON.
Despite the dire indicators looming, CEO Ulrich Koerner had to reassure employees and the market over the weekend. The Wall Street Journal quoted an insider as saying that Koener asserts its capital buffer at nearly $100 billion. Liquid assets are also near the $238 billion announced in June. However, observers do not think the bank has enough capital.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu