Creator of TRON Plans Acquiring BitTorrent Developer
May 29, 2018
TRON’s head Justin Sun plans acquisition of Rainberry (the name for BitTorrent Inc. since 2017) and according to the sources in the know the deal is about to finish soon. The company’s technologies are likely to be used for improving TRON’s decentralized system.
The rumors on this appeared in September last year when it became known the Sun started buying up BitTorrent’s assets. In January this year mass media reported the both parties have agreed on the terms. Late February the rumors of the new TRON’s purchase have been confirmed as Rainberry Acquisition holding company with Justin Sun as its owner was registered in California.
Moving on, this year a lawsuit was filed against Rainberry. As it says, BitTorrent has violated from the no shop term as there already was agreement with a potential buyer, Justin Sun.
“Within literally hours after the parties agreed to the Letter of Intent, and after Ro Choy began performing the terms of the Letter of Intent, Defendant claims it received three ‘superior’ bids from companies that David Chao admitted they had been communicating with,” Sun’s lawsuit claims.
TRON’s founder asked the court to forbid Rainberry conducting parallel negotiations on the matter. Yet the case was denied soon.
Over the last months TRON has presented itself as one of the most controversial crypto projects. After a successful ICO the project has got a market cap of more than $4 billion.
TRON primary goal is about creating new decentralized network and, as the platform’s white paper says, torrent technologies are likely to become its indelible component.
Rainberry’s most popular product is μTorrent client with over a hundred million of users around the globe.