The recent closure of Silicon Valley Bank (SVB) has served as a stark reminder of the need for a “safe bank” for the digital asset industry, according to Justin Sun, founder of Tron.
In response, Sun has offered to provide “funding, management and operational support” to help create a “safe and regulated” environment in the crypto industry and avoid similar situations in the future.
He has also emphasized the need for an infrastructure which integrates traditional finance and cryptocurrencies to enable wider adoption of digital assets.
The California Department of Financial Protection and Innovation closed SVB on March 10, with FDIC appointed as administrator, citing “insufficient liquidity and insolvency” as the cause. US regulators have assured savers that their deposits will be accessible from March 13 at the expense of shareholders and some unsecured bond holders.
