Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Crypto Caribbean: Tron founder to become diplomat for Grenada

Crypto Caribbean: Tron founder to become diplomat for Grenada

Justin Sun, founder of the Tron cryptocurrency platform, was appointed Grenada’s representative to the World Trade Organization in Geneva.
Justin Sun, founder of the Tron cryptocurrency platform and one of the more high-profile individuals in the digital-asset world, said he’s embarking on a new career as a diplomat for the Caribbean nation of Grenada.

At the same time, Sun, who said he’s been a resident on the 135-square-mile island since 2019, is phasing out his participation in crypto-related projects. That includes Tron, the blockchain that’s a top network for controversial stablecoin Tether and supports hundreds of gambling and gaming apps.

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

“Our crypto industry has got into the stage, we really need sovereign states and regulators and international organizations to recognize the potential and the benefits of the blockchain technology,” Sun said in an interview with Bloomberg News. “That’s why I think I will focus lots of my energy, to try and 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 new technology development in Grenada.”

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

Other crypto entrepreneurs and ventures have been moving to the Caribbean. Exchange FTX recently relocated to the Bahamas. Other island nations have been seeking to be at the forefront of innovation, with Barbados recently opening an embassy in Decentraland, a crypto metaverse. Puerto Rico has become a U.S. tax haven for the crypto wealthy.

“The Caribbean has a huge potential to become a very good place for entrepreneurship, and also be the next Singapore,” Sun said. “The reason is, Caribbean states are very close to the United States, which I think is very important. But also it is important you are not in the United States. If you are in the United States, you are going to fall into a lot of very strict regulation, and also taxation. In the U.S., the regulatory environment is not good to cryptocurrency.”
Tron Exit

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 endeavors, he then started Tron in 2017 by using much of Ethereum’s open-source computer code.

Chinese participants in Tron’s $70 million initial coin offering were refunded their money after China cracked down on ICOs. The Tron Foundation and Sun face a class-action lawsuit over the ICO in the Southern District of New York. Sun said he is not leaving the effort due to trouble with any regulators worldwide.

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

He has also withdrawn three nodes that support the Tron network that he controls directly or through his companies. Tron transactions are verified by 27 such super representatives. The idea is to have its community of users run Tron, Sun said. Poloniex, where Sun is an investor, is a Tron super representative, according to crypto data tracker Tronscan.

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

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×