The long anticipated and speculated acquisition of BitTorrent Inc. by Tron has just been confirmed by Justin Sun – the founder of Tron – in a community letter that was released on the 24th of July. BitTorrent is the operator of uTorrent – a very popular torrent client.
The protocol of BitTorrent was launched back in 2001 and it relies on distributed “seeding” by users that upload shareable content. In the community letter, the founder of Tron celebrates the software as “the origin of the decentralized movement,” – a blockchain revolution’s legacy protocol.
Tron and BitTorrent will be wholly integrated, and the teams of both firms will be merged into one, according to Justin Sun. Rumors regarding the acquisition have been in circulation since May, with the inclusion of the lawsuit of Sun against the firm for supposedly violating a clause in their early agreement.
The lawsuit was dismissed later on, and unconfirmed details regarding the conclusion of the deal surfaced on the internet in June. However, it was officially confirmed on the 24th of this month by the founder of Tron (TRX) – Justin sun, that the deal has been closed and Tron as successfully acquired BitTorrent.
BitTorrent Is Now Part of Tron
Officially, BitTorrent is now a part of Tron. BitTorrent did not really confirm the acquisition cost, but it was reported that Tron paid close to $126 million for the firm. At the moment, BitTorrent boasts of about 100 million active users, and it also has another division known as “BitTorrent Now” which is video/music focused.
TRON (TRX) Price Today – TRX / USD
At the time of writing, Tron (TRX) has moved a position higher on the list of top digital currencies in the world by market cap. The digital currency is now sitting on the number 10 position with a market cap of $2.49 billion and a trading volume of $349.85 million over the past twenty-four hours. Tron (TRX) is now trading at $0.0371 after an increase of more than 5.5 percent over the past twenty-four hours.