BitTorrent inc. becomes property of Justin Sun
An entrepreneur who intends to back cryptographic currency to the famous P2P network
The information is from the American weekly Variety. More than 13 years after entering Silicon Valley as one of the most promising startups, Bittorent inc. becomes the property of Justin Sun - the founder of the TRON platform and its TRX cryptographic currency tokens. The financial details of the transaction were not disclosed, but indiscretions report that the contractor put about $ 140 million on the table.
The TRX has a capitalization in the range of 4 to 5 billion dollars as reported by the radar of several sites specializing in cryptographic currencies. We are far from Bitcoin and its more than 200 billion, but probably well armed to acquire BitTorrent inc.
Negotiations between the two companies began in September 2017. January 2018 marked the signing of a letter of intent to buy by Justin Sun. Following the signing of this agreement, Ro Choy - the CEO of BitTorent - entered into talks with other potential buyers, which, however, prohibited the terms of the agreement with the founder of the cryptocurrency TRX. After an interlude in the courts (Sun filed a complaint for justice that prevented BitTorrent Inc. officials from negotiating with other potential buyers), Justin Sun proceeded to incorporate the company "Rainberry Acquisition ", a name inspired by that of the parent company of BitTorrent Inc., suggesting that the process was still ongoing. The managers of BitTorrent inc. confirmed that this coincidence had a lot to do with the buyout.
What future for BitTorrent?
Nothing has filtered about it. TRON platform officials have published a whitepaper that gives technical details on cryptographic currency, but no explanation is available as to the integration of BitTorent into the project. All we know so far is that the TRX is a cryptographic currency dedicated to the entertainment industry. Specifically, it is to provide a way for users to acquire content on the platform. However, with over 100 million uTorrent client users, the BitTorrent network has an aura that the TRX can benefit from to gain notoriety. In addition, the decentralized architecture on which the BitTorrent network relies could be interesting for the mining of the TRX.
