Why it matters: Tron aims to establish a truly decentralized Internet and could seemingly use BitTorrent to help realize that goal. How exactly it plans to do so, however, isn't yet known
TorrentFreak last month reported that Justin Sun, founder of the cryptocurrency Tron, intended to purchase BitTorrent Inc. Based on the latest available intelligence, it seems as though the deal has been executed.
Variety has learned that BitTorrent Inc. has indeed been sold to Sun. According to the report, the acquisition closed about two weeks ago and staff members have been notified of the transaction. Attempts by the publication for comment, however, didn’t garner a reply.
A source with knowledge of the transaction told Variety that staff has been advised not to talk to the press about the deal. Financial terms of the acquisition were not made available although as Variety points out, Sun likely had the money to make it happen. According to CoinMarketCap, the TRX cryptocurrency has a market cap of around $2.8 billion despite having dropped significantly (as all cryptocurrencies have) in recent weeks.
Sun first started talking to BitTorrent about an acquisition late last year and in January, reportedly signed a letter of intent to acquire the company. Talks stalled briefly as BitTorrent shopped itself around, reportedly going against the original letter of intent and spurring a lawsuit from Sun.
It was eventually dropped, however, and Sun created a new company called Rainberry Acquisition Inc. Around the same time, BitTorrent renamed its corporate entity to Rainberry Inc. and recently (on the same day), both filed paperwork reflecting a merger.