TRON Foundation Completes Acquisition Of BitTorrent
An announcement featured on the official BitTorrent website has confirmed the acquisition of the peer to peer file sharing giants by TRON Foundation.
The announcement also reveals that BitTorrent will now operate from the new TRON San Francisco office.
An excerpt from the announcement reads:
“We are excited to announce that TRON has officially closed its acquisition of BitTorrent. BitTorrent has more than 100 million active users worldwide, and has one of the top-rated apps on Google Play and other products, including BitTorrent Play (iOS), uTorrent Web, and desktop clients for PC and Mac. The division will provide robust support for TRON’s global business development and partnerships, while pursuing its vision for the world’s largest decentralized ecosystem.”
Justin Sun Confirms the Acquisition
According to a Variety report in September 2017, founder of TRON Justin Sun began negotiating the acquisition of BitTorrent under a “no shop” clause. The clause prevented the failing BitTorrent from discussing possible mergers with other potential buyers.
However, BitTorrent reportedly violated the clause on May 25 which led to Sun filing a legal paperwork.
News of the purchase became prominent June when Ashwin Navin co-founder and former president of BitTorrent told CoinDesk that TRON Foundation was forking out a bid of $120 million for the firm.
In a letter to the TRON (TRX) community, Justin Sun confirms the earlier reports of the acquisition of BitTorrent by TRON Foundation. In the announcement, Justin Sun stated the following:
“I am proud to officially announce that TRON has successfully acquired BitTorrent and all BitTorrent products. From this day on, BitTorrent, whose software has been installed on billions of user devices, will become part of the TRON ecosystem, making TRON the largest decentralized Internet ecosystem in the world.”
Although BitTorrent now functions under TRON Foundation, the firm wrote on its website that it has “no plans to change” its business model and will not charge fees for any of its services.
BitTorrent also indicated that it has “no plans to enable mining of cryptocurrency now or in the future.”
For TRON (TRX), BitTorrent’s proprietary peer-to-peer technology would play an important role in finally building a completely decentralized network.
BitTorrent gained prominence when it pioneered a decentralized platform that gave back power to the internet users instead of a few corporations.
If rightly organized, BitTorrent and TRON would make a world-class team to further decentralize the web.
For BitTorrent, the acquisition finally proffers a way out of its nightmare performance, owing to poor management.
Although not officially confirmed, there is a chance that the over 150 million current users of BitTorrent could witness an enhanced service on the platform as BitTorrent joins the TRON network.
Current Price of TRON (TRX)
Despite the persisting bearish crypto market trend, TRON (TRX) has enjoyed remarkable growth over the last two days. Over the last two days, TRON is up by about 14%, the growth of TRON could directly be linked with its recent announcements.
TRX is currently valued at $0.037501, over the last 24 hours, TRX is fractionally in the green with 0.3%. TRON now holds an estimated market cap of $2.389 billion USD which makes TRON the 11th largest cryptocurrency.