Justin Sun, Tron Founder and BitTorrent CEO, won a bid to legendary investor Warren Buffett’s charity lunch for the Glide Foundation. Soon after the news broke out, the crypto-community was left wondering if the large sum of money was worth it, considering Buffett’s blatant hostility towards digital currency and the asset space.
However, Sun dismissed such concerns. In a recent interview with Yahoo Finance, Sun praised Buffett’s business strategies and stated,
“I have been a believer of long-time value strategies and I also make lots of money from these strategies, so this is like a payback for Warren Buffett”
Justin Sun hopes this lunch will be a bridge between the cryptocurrency community and traditional investors. However, Sun admitted that it might be “unrealistic” to convince Warren Buffett to buy cryptocurrency in just three hours.
The larger picture, according to Sun, is not just about Tron, but about the entire cryptocurrency ecosystem and blockchain technology. He further revealed that he wants to show Buffett the cryptospace’s recent developments and programs.
Sun had previously called the lunch “a unique opportunity” to explain the potential of the ecosystem, which is still in its formative years, to Warren Buffett and the world.
Sun paid $4.56 million for the charity lunch, with the revenue generated via ads from the San Francisco-based BitTorrent’s clients which is a communication protocol for peer-to-peer file sharing. It has nothing to do with cryptocurrency, the 29-year old crypto tycoon said.
Buffett has previously acknowledged the utility of the underlying blockchain technology. However, he hasn’t been very appreciative of Bitcoin, the digital currency built on the said technology. He had said,
“It’s a gambling device…there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it.”
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ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
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