TRON is close to acquiring BitTorrent Inc. which was one of Silicon Valley’s hottest new startups thirteen years back. Justin Sun, cryptocurrency TRON’s founder, plans to take BitTorrent Inc. and both parties are finalizing the latest details. With a multi-billion dollar market cap, TRON seeks to decentralize the web, powered in part by BitTorrent.
BitTorrent Inc. founded by Bram Cohen is best known for uTorrent, which has more than 100 million users.
The massive user base, however, never really turned the company into the next billion-dollar tech giant that early investors had hoped.
In recent years it went downhill partly due to questionable management practices. Things have stabilized since but changes are coming.
Rainberry was sued earlier this year by none other than TRON founder Justin Sun. It allegedly violated a “No Shop” clause in an agreement.
Tron is one of the hottest and most debated cryptocurrencies with a market cap of more than $4 billion, only surpassed by a few others. Sun at the helm means it makes headlines almost every day.
The TRON main net will go live in a couple of days with the ultimate goal to “decentralize the web.” The TRON whitepaper mentions torrents as one of the pillars.
Tron (at the time of publish)
Sun returned a signed copy of both parties finalized letter of intent for acquisition in January 2018.
There was a twist in the story as BitTorrent Inc. CEO Ro Choy came back with a surprising reply.
Sun claims in the lawsuit “Within literally hours after the parties agreed to the Letter of Intent, and after Ro Choy began performing the terms of the Letter of Intent, Defendant claims it received three ‘superior’ bids from companies that David Chao admitted they had been communicating with.”
Sun asked the court for a restraining order on BitTorrent. It was swiftly dismissed, but it left paper trails behind.
At February’s end, the exclusivity period set in the letter of intent ended and a holding company named “Rainberry Acquisition” was registered in California.
The company is registered to TRON founder Justin Sun which suggests that the acquisition is still on the table.
Rainberry Acquisition Paperwork
Currently, the acquisition is not 100% finalized yet, but should things go according to plan more information will likely be released sometime later.
Presently, Sun’s plans for BitTorrent is still unclear, but this exactly is what could be used to further TRON’s advantages.
Curiously enough, BitTorrent Inc. founder Bram Cohen has also taken an interest in cryptocurrencies, with the aim of creating a superior one called Chia.