Crypto Caribbean: the founder of Tron will become a diplomat for Grenada | Crypto News

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Justin Sun, founder of the cryptocurrency platform Tron, has been appointed Grenada’s representative to the World Trade Organization in Geneva.

Justin Sun, founder of cryptocurrency platform Tron and one of the most prominent people in the digital asset world, has said he is embarking on a new career as a diplomat for the Caribbean nation of Grenada .

At the same time, Sun, who has said he has resided on the 135-square-mile island since 2019, is gradually ending his involvement in crypto-related projects. This includes Tron, the blockchain which is a leading network for the controversial Tether stablecoin and supports hundreds of gaming and gambling apps.

Sun, 31, first gained notoriety for the saga of his delayed meeting with billionaire investor Warren Buffett in 2020 and a failed Tesla giveaway a few months earlier. He outbid at the last moment at an auction for a non-fungible token that sold for a record $ 69 million, and even faced an uprising against a crypto social media company he has acquired.

“Our crypto industry has entered the scene, we really need sovereign states, regulators and international organizations to recognize the potential and benefits of blockchain technology,” Sun said in an interview with Bloomberg News. “That’s why I think I’m going to devote a lot of my energy to trying to push blockchain technology and cryptocurrency – the importance of all of this in developing countries and developed states as well. I will also try to promote the development of new technologies in Granada.

He was appointed Grenada’s representative to the World Trade Organization in Geneva, according to Oliver Joseph, Minister of Foreign Affairs, International Affairs and Caricom.

Other entrepreneurs and crypto firms have settled in the Caribbean. Exchange FTX recently moved to the Bahamas. Other island nations are looking to be at the forefront of innovation, with Barbados recently opening an embassy in Decentraland, a crypto metaverse. Puerto Rico has become an American tax haven for the crypto-rich.

“The Caribbean has huge potential to be a great place for entrepreneurship, and also to be the next Singapore,” Sun said. “The reason is that the Caribbean states are very close to the United States, which in my opinion is very important. But it is also important that you are not in the United States. If you are in the United States, you will fall under very strict regulations, as well as taxation. In the United States, the regulatory environment is not good for cryptocurrency.

Tron output

Before jumping into crypto, Sun co-founded Peiwo, a popular Snapchat-like app for China with millions of users. Like many of the early crypto efforts, he then launched Tron in 2017 using much of Ethereum’s open source computer code.

Chinese participants in Tron’s initial $ 70 million coin offering have been reimbursed after China cracked down on ICOs. The Tron Foundation and Sun face a class action lawsuit against the ICO in the Southern District of New York. Sun has said he will not quit the effort due to issues with regulators around the world.

Sun has already ceased to lead the Tron Foundation, which was formed to continue blockchain development. The network is home to more than 1,300 active distributed applications, according to DappRadar. The foundation will close in July, having used up almost all of its funds, Sun said.

It also removed three nodes that support the Tron network that it controls either directly or through its companies. Tron transactions are verified by 27 of these super-representatives. The idea is to have Tron run by its user community, Sun said. Poloniex, where Sun is an investor, is a great representative of Tron, according to crypto data tracker Tronscan.

Tron has a market valuation of around $ 8.8 billion, according to CoinMarketCap.com. Sun said he owns around 4% of Tron’S TRX tokens. BitTorrent’s BTT token is valued at around $ 2.7 billion.

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