BitTorrent a protocol that enables peer to peer file sharing is being acquired by Justin Sun, the Founder of Tron according to a report by TorrentFreak.
BitTorrent has been there for more than 13 years and is known for its client uTorrent which has over 100 Million users. Despite having such a huge user base it was not acquired until now.
BitTorrent Inc. was renamed as “Rainberry” last year and was sued by a potential buyer for violating the “No Shop” clause in the agreement. This potential buyer is none other than the Founder of the 9th largest Cryptocurrency by market size -Tron, Justin Sun. BitTorrent’s creator had also shown interest in Cryptocurrencies and told that he would create his own Cryptocurrency.
Sun started planning the acquisition in September last year, by January both parties had finalized the letter of intent and the deal was about to go through before which BitTorrent’s David Chao told Sun that they had received 3 superior offers from other companies.
Sun’s request for a restraining order to prevent BitTorrent from proceeding with other buyers was rejected by the court.
TorrentFreak reports that their research showed that by the end of February when the validity of the letter of intent ended, Justin Sun had registered a company named “Rainberry Acquisition“. Sun hasn’t replied to any media reports as of now.
Tron’s Mainnet is about to go live by June 1st and Tron is gearing up for the launch. This acquisition would take Tron one step closer in achieving its goal of decentralizing the web. Tron is currently priced at %0.07 with a market cap of $4.6 Billion.
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