BitTorrent Acquired By Tron Cryptocurrency Founder For $140 Million: Report

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Even though the popularity of peer-to-peer file sharing platform BitTorrent might be taking a hit these days due to the rise of video streaming services, it remains a powerful force in the internet world. In an interesting development, Justin Sun, the founder of Tron decentralized platform and its TRX cryptocurrency, has acquired the company.

The rumors of BitTorrent’s sale first appeared online last week, thanks to Variety, but the terms of the deal remained unknown. However, as per a new TechCrunch report, Sun’s company has finalized the acquisition for $140 million in cash.

The report states that some dispute remains to be solved as more than one person is claiming to have introduced Sun to BitTorrent’s operators. However, it’s unlikely that the difference is going to impact the ultimate outcome.

Variety’s past report suggests that the BitTorrent staffers have been advised not to talk to the media.

In case you’re wondering about the financial capabilities of Sun himself, let me tell you that the total market cap of TRX currency is about $5 billion, and Sun’s Tron Foundation holds about $1.65 billion shares. On the other hand, BitTorrent has tried and failed to establish an entertainment business in the past, and continued growing with aid from advertisements and bundled software.

While, currently, we don’t know the exact strategy of Tron Foundation and what it aims to do with BitTorrent, reports suggest that it wishes to create a decentralized internet to let developers code blockchain-based apps.

What are your views on this deal? Share your thoughts in the comments section and keep reading Fossbytes.

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Adarsh Verma

Adarsh Verma

Fossbytes co-founder and an aspiring entrepreneur who keeps a close eye on open source, tech giants, and security. Get in touch with him by sending an email — [email protected]
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