BitTorrent, the decentralized peer-to-peer file sharing platform was sold to Justin Sun,the founder of Tron (TRX) for an undetermined amount according to recent reports. After several weeks of speculation, the acquisition agreement was finally confirmed on Variety this month.
Justin Sun acquires BitTorrent
"BitTorrent Inc. has a new name. Although it was not published anywhere, the company formerly known as BitTorrent Inc. was named Rainberry Inc, "the media said.Questions have recently been raised about the possible acquisition of the BitTorrent file sharing platform. The answer seemed obvious when a report from Ethereum World News relayed that the company has chosen a new denomination.
Rainberry's product manager, Jordy Berson, also said :
"Rainberry Inc is the official name of the company; it was changed in early 2017. "The new acquirer is none other than Justin Sun, the founder of the Chinese company Tron. According to Coinmarketcap data, the current market capitalization of Tron is estimated at $ 2.81 billion. Its price is around $ 0.045, up 4.75% over a 24-hour period at the time of writing this article.
This crypto-currency focused on entertainment has grown greatly in recent times. After separating from the Ethereum network, she launched her own Blockchain and partnered with other large companies.
BitTorrent, a bankrupt company?
Although the exact amount of the acquisition has not been disclosed, the Tron Foundation holds $ 1.65 billion in the TRX, which seems to be enough to purchase. On the other hand, Sun's development plans for BitTorrent are unclear at this point. BitTorrent was launched 14 years ago and was able to raise $ 35.8 million in funding rounds during this period. This sum should have financed an entertainment company in addition to the decentralized peer-to-peer platform in 2016. However, the project was unsuccessful and BitTorrent had to separate from several of its employees.
Live Streaming was closed in 2017 and Bram Cohen, the co-founder of the company resigned from office to create his own cryptocurrency.
No public information on BitTorrent's turnover has been released. However, according to recent analysis, the company has 150 million active users per day with a daily income of $ 150 million if a PPC (Pay Per Click or pay per click) is worth $ 1.
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