Justin Sun showed his interest to spend funds on the assets of Digital Currency Group (DCG).
Digital Currency Group (DCG) is a venture capital (VC) firm. This firm is focused on the Crypto market. DCG is located in Stamford, Connecticut. This VC consisted of Crypto news media CoinDesk, Foundry, struggling Crypto lender Genesis, Grayscale Investments, and Luno. This company was founded by Barry Silbert in 2015 & also he is the current CEO of this company.
In a recent interview with Reuters, Justin Sun said that he may think about purchasing $1 billion worth of assets in DCG. But he didn’t mention any particular DCG’ asset but his spokesperson said that his wealth consists of fiat & crypto assets.
At present, DGC-affiliated company Genesis Global Trading is close to filing for bankruptcy. The majority of the Genesis exposure was with FTX exchange, which filed for bankruptcy on 11 Nov 2022. And also reportedly Genesis holds $900 million worth of crypto assets from Gemini customers via its yield program. So there are chances that Justin may show interest in the Genesis platform but still it will be too early to comment on these assumptions.
Earlier this, two days ago Financial Times reported that DCG was planning to sell some significant portion of the company shares, to raise $3 billion to financially support the Genesis platform.
Justin Sun is the founder & Investor of multiple crypto projects. In particular, he is known for the Tron (TRX) blockchain. His other less popular Crypto projects are Sun coin, Just coin, Win coin, BTT coin, and Apenft coin. He is also the owner of the Poloniex exchange & he is the anonymous owner of the Huobi Global Crypto exchange.
In late 2021, Justin announced that he stepped down from all the Crypto projects so that he can fulfil his dream as a Permanent Representative of Grenada to the WTO.
Perhaps he is no longer working in the Crypto sector but still he remains active in the Crypto community to promote the Crypto projects that he co-founded or invested in the past.