Justin Sun, the founder of Tron (TRX) cryptocurrency has announced on Twitter that he will be retiring from his post last Friday, December 17. The 31-year old will be taking a step back from his duties in the Tron Foundation and instead take an ambassador position in Grenada’s World Trade Organization (WTO).
Within 24 hours after the news broke, TRX prices quickly dropped by 8%. As of now, it is still at a low price and sits at US$0.079 compared to the price of $0.0850 a few days earlier. The popular cryptocurrency founded by Sun has yet to recover from the steep drop.
As an ambassador in Grenada’s WTO, Sun will be working closely with the organization and other similar ventures in Latin America as well, focusing on the regulation and legitimization of cryptocurrency in the region.
The change in his career is said to be because of El Salvador’s success in making Bitcoin a legal tender earlier this year. This event proved that smaller countries around the world are environments where the crypto market can thrive.
In an interview with CoinDesk published last December 17, Sun discussed how his career will now be taking a turn away from Tron and towards something new, specifically towards helping other countries adapt to crypto. ‘My career in the future … will focus on the legitimization of blockchain technology on a nation-state level’.
When asked why he chose countries like Grenada and the Bahamas, Sun reasoned the potential that these places offer for the crypto market compared to the United States. ‘We cannot fully rely on the U.S. market. There are nearly 8 billion people in the world and the U.S. only has just 300 million people’.
There are currently no specific details of Sun’s responsibilities in his new position or how long he will be planning to work with Grenada’s WTO.
While Sun will be taking a step back from his duties in Tron, he has said that he will be leaving the cryptocurrency and platform in the hands of the investors. He will still be supporting and promoting Tron from afar but will be directing his focus towards other projects for now.
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