Tron (TRX) Reportedly Partners With Chinese Search Giant Baidu
Crypto market news service Coinness tweeted on Thursday, October 11 that the development team of cryptocurrency Tron has partnered with Chinese Google and IT giant, Baidu.
Reports yet to be confirmed
According to Coinness, it obtained the information from an insider on Tron but neither Baidu nor Tron have released any statement confirming or denying the report.
Coinness tweeted that:
Exclusive: #Tron to Cooperate with China’s IT Giant #Baidu
The Tron team told https://t.co/reZ2fjHrZq that a partnership had been confirmed between Tron and China’s IT giant Baidu, which will be officially revealed by Baidu Cloud next week.
The news site stated that it received the information from a source close to the issue and that the official announcement would be made in a week.
The founder of Tron, Justin Sun, has also recently revealed that the cryptocurrency platform is set to announce a partnership with an industry giant that is worth billions of dollars. There have been speculations since then about who it will be and Tron has kept silent since then.
Tron community excited by the news
Following the tweet by Coinness, it didn’t take long for the Tron community to react to the news. One tweet by @RoDijk1 believes that this latest development is huge.
The Twitter user wrote that Baidu controls 66 percent of China’s online search market, according to StatCounter. Its closest competitor, Alibaba’s Shenma, controls just 14 percent of the market.
Popular Tron Community member @WLFOFMYST had some doubts at the beginning, stating that despite the social media frenzy, he believes that the partnership is not with Baidu.
He later changed his mind and noted that with the rise in price led him to believe that it is most likely Baidu.
Baidu the largest internet firm in China
This partnership if true would be huge for Tron as Baidu is currently the largest internet company in China. Known as the Google of China, more than two-thirds of the country’s internet searches are done on the platform.
Back in August, the firm joined other Chinese internet giants, Alibaba, and Tencent in shutting down all crypto forums on its platform. They did this to ensure that they abide by the new anti-crypto policies which have been enforced by regulators in the country.
Despite its crackdown on cryptocurrencies, Baidu is still interested in utilizing the blockchain technology.
The firm released its Baidu Blockchain White Paper V1.0 late last month as they look to create the independent development of the Super Chain network system.
Following the tweet, the price of Tron’s TRX coin surged by more than 16 percent. It was trading at $0.020 but went up to $0.023 following the report. The rise was also aided by the successful activation of the Tron Virtual Machine which took place on the same day.