- BitTorrent is being acquired by TRON cryptocurrency Founder Justin Sun for $140 million. The deal is underway and is in finalization stages.
- Justin Sun intents to use BitTorrent to legitimize TRON, a hot but highly controversial ICO that currently a market cap of about $3 billion.
BitTorrent Inc the parent company to uTorrent has reportedly being sold to TRON cryptocurrency Founder Justin Sun. The company is said to have closed a deal for $140million with Justin Sun.
Sun’s intention to acquire BitTorrent however are tied to legitimizing his cryptocurrency, TRON. TRON has been facing legal issues off late and Sun has seen acquiring BitTorrent ‘will’ legitimize his business and even create more trust.
However, the whole intention is kind of funny given to the fact that BitTorrent Inc has faced multiple controversies in the recent past. The peer to peer file sharing company has been accused of being used to share child exploitation images and also pirating content.
So, Justin may just be throwing gold into the sea by this deal. But he’s not all wrong because in TRON’s whitepaper its states that Torrents are part of their foundation and therefore acquiring BitTorrent is a plus. With a userbase of 100million it
The deal according to TechCrunch stands at a halt before all outstanding issues are solved. Multiple individuals claim to have connected Sun to BitTorrent and require a share in the deal meaning Sun will have to pay more just before the deal finalizes.
However, Sun does not intend to change BitTorrent’s products or services and how he will manage to popularize TRON and legitimize it is just another question. uTorrent, for example, will remain as it is.
After election craziness in Kenya over the legitimacy of the process in several years, Ken…