BitTorrent, the company that owns the popular uTorrent file-sharing client, has been quietly sold for $ 140 million in cash to Justin Sun, the founder of the TRON Cryptocurrency blockchain start-up.
TRON cryptocurrency is a decentralized platform for entertainment and content sharing using blockchain technology and distributed storage technology. Allows users to publish content without having to use third-party platforms such as YouTube or Facebook and negotiate with Tron Cryptocurrency (TRX).
Since BitTorrent is one of the world’s best-known brands for decentralized computing and peer-to-peer (P2P) networks, and TRON cryptocurrency aims to establish a truly decentralized Internet, BitTorrent would be of great benefit for Sun to achieve it.
There has been news that the two had been in talks for at least a month, and only yesterday Variety reported that BitTorrent Inc. was sold to Sun last week, but the report did not disclose the price of the case.
Now, TechCrunch reports that the founder of TRON cryptocurrency has agreed to pay $ 140 million to acquire BitTorrent, without revealing more details about exactly how Sun would use the company for TRON’s activities.
Sun started talking to BitTorrent about a possible acquisition at the end of last year and even signed a letter of intent to acquire the company in January with a “no-shop” clause, which means that BitTorrent was not allowed to negotiate another deal while the letter was valid.
BitTorrent broke the clause and Sun filed a lawsuit against the company in January, but the lawsuit was eventually dropped and Sun created a new company called Rainberry Acquisition Inc.
At about the same time, BitTorrent Inc. renamed its business to Rainberry Inc. and on the same day, both filed documents reflecting a merger.
Neither TRON BitTorrent or shares Sun’s plans for the future of BitTorrent technology, but it is said that the move is aimed at protecting TRON technology from accusations of plagiarism.
In addition, the technology can be used in the creation of a potential network to help TRON mini crypto vault using P2P BitTorrent architecture and its large user base of more than 170 million, as its popular uTorrent client has been taken over early.