Eric Trump, the son of US President Donald Trump, has denied reports that he will participate in plans to publicly list the Tron blockchain network in the US. However, he has praised the founder of this project – Justin Sun.
"Tron is my favorite project," Eric Trump shared on social media, also stating that he admires Justin Sun and sees him as a "great friend, an icon in the cryptocurrency industry."
Previously, the Financial Times reported that Eric Trump would participate in Justin Sun's IPO – a claim that Eric has officially denied.
As Bitcoin Magazine reported, Tron is planning to list in the US through a reverse merger with SRM Entertainment – a Nasdaq-listed company specializing in souvenirs and merchandise. After the deal, SRM will be renamed Tron Inc. and establish a TRX reserve fund worth 100 million USD from private equity investments.
Tron is currently the 9th largest blockchain project in the world, with a market capitalization of 26.5 billion USD according to data from CoinMarketCap.
The connection between Eric Trump and Justin Sun began at least last November when Sun became the largest investor in the World Liberty Financial platform by purchasing 30 million USD in WLFI tokens.
Cryptocurrency ambitions go beyond World Liberty Financial
Eric Trump plays a crucial role in shaping the family's cryptocurrency platform – World Liberty Financial, which has quickly attracted attention ahead of the US presidential election.
This project has also generated significant profits for the Trump family. According to filings sent to the US Office of Government Ethics, President Donald Trump has earned 57.4 million USD from selling WLFI tokens.
Not stopping there, earlier this year, the Trump family launched American Bitcoin – a digital asset mining company with plans to list through a merger with Dryphon Digital Mining.
Since starting operations in April, American Bitcoin has accumulated 215 Bitcoins – currently valued at approximately 23.3 million USD.
Eric Trump once described Bitcoin as a "global arms race." At the Consensus conference in Toronto in May, he stated:
"Currently, every country is looking for ways to hoard Bitcoin. From sovereign wealth funds, the wealthiest families, to large corporations – everyone is accumulating Bitcoin."
However, criticism from the US Congress is rising around the Trump family's cryptocurrency business.
