Posted on

How Neo (NEO) Failed To Buy Tron’s (TRX) Newly Acquired BitTorrent

After revealing that the founder of Tron (TRX), Justin Sun was not the only one who made bid for the content distribution protocol, BitTorrent, it became crystal clear that quite a number of people valued the power of the platform.

It was said that even though the most talked about tech deal fell in favour of Sun, he was not the highest bidder as the likes of Neo (NEO) blockchain project were among the top contenders in the negotiation.

According to Coindesk, persons who got more information about the deal, and some internal documents revealed that the blockchain company, made a higher bargain for the deal than Sun through its venture capital firm, Neo Global Capital.

Although the pair Tron and BiTtorrent failed to comment on report, but the head of investment at Neo Blockchain, Weiyu Wayne Zhu was able to reveal that NGC offered $50 million dollars more than Sun.

While Neo blockchain proposed $170 million, the founder of Tron offered $150 million.

Despite pledging a higher bid for the platform, BitTorrent’s board claimed that the offer made by Sun is much more favourable to its company and shareholders than NGC’s.

Another important information that clarified the situation of the deal is that while the two companies are based in China, government regulation which will surely have effect on such a big deal favored Tron more.

Acquiring BiTtorrent in July, the announcement marked one of the earliest successful acquisition of a well-established web company by a crypto based firm.

Stirring up excitement amongst lovers and investors, Sun said the acquisition will mark a new dawn for the Cryptocurrency as it aims to decentralize the internet completely.

Though Tron and Neo’s aim for BitTorrent were quite different, the duo eyed the platform as one which would help them in claiming an important stake in the market, due to its speed and scalability.

Similarly, the two charges to be a great competitor for Ethereum, but the acquisition has so far roused the tempo of Tron to be a better blockchain platform than the world’s second most popular Cryptocurrency, Ethereum.

loading…

Posted on

Justin Sun and the Tron (TRX) Foundation Officially Acquire BitTorrent

Back in final days of May this year, there was a lot of speculation as to whether Justin Sun was indeed planning on acquiring the popular file sharing platform, BitTorrent. In the report by Ethereum World News, the name of the BitTorrent company was abruptly changed without an explanation.

The source of the name change,Torrentfreak.comhad this to say:

There is something fresh though – BitTorrent Inc. has a new name. While it hasn’t been published anywhere, the company formerly known as BitTorrent Inc. is now Rainberry Inc.

Rainberry’s Chief Product Officer, Jordy Berson, would additionally inform TorrentFreak that:

Rainberry Inc is the official name of the company; it was changed right around the start of 2017.

Therefore, it is no surprise that the BitTorrent acquisition can now be officially confirmed.

Justin Sun had initially sent a letter of Intent to acquire Rainberry with a ‘no shop’ clause that prevented the company from negotiating any other offers while the letter was still valid.

However, Rainberry would then violate the clause, leading Sun to sue the company. Sun would later drop the lawsuit and register a company under the name of ‘Ranberry Acquistion’. The same company has in turn filed a change of status with the California Secretary of State due to a merger. Rainberry Inc. also filed for a similar change of status on the same day indicating that the the two companies have merged.

The BitTorrent management has gone ahead and informed staff about the new deal as early as last week. As is the case with most mergers, the staff have been advised to be silent about it. The company’s shareholders have also been contacted by the agent handling the transfer of ownership.

The exact price tag of the acquisition has not been disclosed but the Tron Foundation holds about $1.65 Billion in TRX. This means that the foundation has deep enough pockets to acquire BitTorrent although it has not been indicated that they did so with TRX.

One possible utilization of the BitTorrent platform by Justin Sun and the Tron Foundation, would be to further decentralize the web as envisioned by the Tron Whitepaper. What better way to kick start your vision than to acquire an already existing peer-to-peer platform and do some fine tuning to meet your needs.