Crypto Chronicle
Regulation

Has BitTorrent Been Bought Out by TRON?

TRON Coin Blockchain Cryptocurrency Altcoin 3D Render

Although no official announcement has been made, it would appear TRON founder, Justin Sun, has acquired BitTorrent, the company that operates the peer-to-peer sharing platform uTorrent.

The acquisition has in fact been in process for almost six months, with Sun initially pursuing it back in September 2017.

There have been some bumps along the way, with Sun filing a lawsuit against BitTorrent claiming the company revealed that they had received a number of other bids. This is in violation of the terms outlined in the original letter of intent to purchase.

Sun was also denied a restraining order he attempted to pursue to stop BitTorrent negotiating with other buyers.

However, it now seems to have come closer to completion, with Sun registering a holding company in California called “Rainberry Acquisition“. Rainberry is the name BitTorrent changed to back in February following a lawsuit that was associated with Sun regarding violation of a ‘No Shop’ clause.

Sun also made allusions to the acquisition in a livestream with Huobi Korea. He mentions a big announcement in May that will guarantee another 100 million users joining the TRON network. BitTorrent currently supports more than 100 million users.

With the TRON mainnet launch in just a few days, its likely Sun is more focused on that. Should the BitTorrent acquisition finalize soon afterward, it could mean good things for the price of TRX. The acquisition of a torrenting platform certainly fits in with TRON’s mention in its whitepaper of decentralizing the Internet.

TRX’s current market cap at time of writing is $4.6 billion and it’s trading at $0.07.

Image From Shutterstock

Related posts

Ripple (XRP) and Stellar (XLM) still in the Green over 30 Days

Mark Hartley

This Canadian Startup Aims to Improve Jamaican Cannabis Operations Using Blockchain Technology

Mark Hartley

Taiwan Implements Strict Anti-Money Laundering Laws for Crypto

Mark Hartley

Leave a Comment

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close