- Justin Sun, the founder of the Tron blockchain, has said he is retiring from his operative role in the blockchain, following his appointment as Grenada ambassador to the WTO.
- Sun will relinquish some of his power on the network, while the Tron Foundation will dissolve in 2022.
Justin Sun, the founder of the Tron blockchain and a high-ranking crypto influencer, is moving into politics. In a Friday interview with CoinDesk, the 31-year-old said his new focus will now be crypto legitimization in Latin American countries. The decision, he says, was inspired by El Salvador’s success in adopting Bitcoin as legal tender.
Specifically, the tech entrepreneur has been appointed a Geneva-based Ambassador of Grenada to the World Trade Organization (WTO). Sun will now relinquish some of his power on the Tron blockchain as he pursues blockchain and crypto promotion in Caribbean countries such as Grenada and The Bahamas. He did not discuss the fact that he remains the network’s figurehead and one of its largest token holders. However, he did say that he will continue to promote the Tron brand.
Among the changes that come with Sun’s new post, is the dissolution of the Tron Foundation in 2022. He will withdraw his three supernodes from the blockchain, and the Tron community will take a vote on the network’s 27 super representatives.
Justin Sun’s new career away from Tron
Of note, Sun describes the US as having ‘slow’ progress and a conservative view of crypto’s legalization. This is seen in last week’s grilling of six crypto executives by the US House Financial Services Committee, Sun adds. This is why the industry cannot make an all-in bet on the country, hence his interest in other more ‘flexible’ nations.
We cannot fully rely on the U.S. market,” he said.
There are nearly 8 billion people in the world and the U.S. only has just 300 million people. The U.S. market should not decide [on crypto]with more than 7 billion people left in the rest of the world.
Another reason that prompted Sun’s interest in Grenada is the island nation’s geographical proximity to the US. It also recognizes English as one of its official languages. Moreover, the nation hosts one of the best regional universities, which Sun says will be hotbeds for future blockchain developers.
Should his quest be a success, motivate fueling of blockchain efforts in nations like the US and China.
Sun’s appointment comes at a time when the overall crypto market is experiencing a slowdown. The lead asset Bitcoin has declined about 25 percent from its November near $70K all-time high. Sun is, however, optimistic and exudes a bullish price outlook.
The success Tron has had has been no secret, seeing as it is a leading player in the multi-billion-dollar DeFi space and the leading home of Tether’s USDT stablecoin. However, Sun has also been a controversial figure as allegations of workplace hostility have been thrown after him. He has also been accused of illegal financial dealings and plagiarism of other blockchain whitepapers, among other misdoings. It now remains to be seen what becomes of him while in his new career path.
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