Justin Sun, the founder and CEO of Tron Blockchain announced his retirement in a meeting with CoinDesk this week. His main aim now is to focus on crypto legitimization in Latin American countries. After stepping down from his position, he is now the ambassador of the Grenada Government, which is a nation in the Caribbean Island, to the World Trade Organization. On hearing the news of his retirement, Tron’s price dropped by 7% in less than an hour. Investors believe there will continue to be a downward trajectory as Justin Sun was the company’s front face and several marketing campaigns since Tron’s inception. However, a blog post by Tron Foundation stated that Justin’s exit would be an entry to the new era of decentralization. Justin will continue to support the community hereafter. In one of his tweets, Justin said he is just stepping down from the responsibility as Tron is completely decentralized now but will always be there to encourage the decentralized community.
But Why Grenada?
His decision comes at a crucial time when the Bitcoin price is 25% low and when everyone is uncertain about crypto. Justin Sun seems to be optimistic about it in the coming months despite the plunge. He wishes to make blockchain legitimate in areas like Grenada, so it will push the U.S and China to speed up blockchain efforts once it is successful. One of the primary reasons for choosing Grenada is that it has a robust educational system and is also close to the U.S. It recognizes English as an official language, and with some of the top universities in the region, Sun is optimistic about having blockchain developers. Intending to increase awareness about Bitcoin in popular countries, Justin Sun is looking forward to making Bitcoin legitimate worldwide since countries like China have banned crypto mining and trading.
A Little Background About Justin Sun
Justin Sun is a Chinese Entrepreneur who founded the cryptocurrency platform TRON. He is the CEO of Peiwo, the largest voice-live streaming app in China, and Rainberry.Inc. He graduated with a Bachelor’s degree in History from one of the best universities of China, Peking University. He also graduated from the University of Pennsylvania with a Master’s in Political Economy. Before founding Tron, he worked at a cryptocurrency startup. He acquired BitTorrent soon after establishing Tron. Sun was included in the Forbes 30 under 30 list in 2017. He has over a million followers on Twitter and more than a million followers on Weibo, a Chinese social media application. In 2019, he bid US$4.57 million to have lunch with Warren Buffet at a charity auction. However, it was later postponed as he had kidney stone issues. His sudden absence sparked rumors, but in 2020, Sun finally sat down for a meal with Buffet. This cryptocurrency millionaire is looking forward to a new chapter in the coming months after stepping down as the CEO.