Sun expressed his vision of integrating the bank into the Web3 world and embracing blockchain technology and cryptocurrencies to pave the way for a more innovative and decentralized financial system.
UBS has made a proposal to Credit Suisse for a potential acquisition of the bank for up to $1 billion according to recent reports from the South China Morning Post. However, insiders with firsthand knowledge of the situation have revealed that Swiss regulators are exploring ways to bypass a shareholder vote to expedite the transaction’s completion before the upcoming Monday deadline.
In response to UBS’s offer, Tron founder Justin Sun has made a counteroffer to acquire Credit Suisse for $1.5 billion. Sun expressed his desire to integrate the bank into the Web3 world, emphasizing Switzerland’s reputation as one of the most cryptocurrency-friendly countries.
He stated that his vision for the future of finance involves embracing blockchain technology and cryptocurrencies, and by integrating Credit Suisse into a crypto-friendly financial institution, they can pave the way for a more innovative and decentralized financial system.
Despite UBS’s bid, Credit Suisse’s closing stock price on Friday was well above the $1 billion offer. It is unclear whether UBS’s proposal will outbid other offers with Switzerland considering nationalizing the bank and Sun’s higher bid.
Nonetheless, this acquisition bid by Sun showcases the growing influence and potential of blockchain technology and cryptocurrencies in the world of finance.