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Saturday, June 30, 2018

TRON Founder Justin Sun to Acquire µTorrent Company, BitTorrent for $140M


By Ingrid Lunden

'BitTorrent, an early mover (and currently the largest player) in decentralised computing architecture to distribute and store data, is being sold for $140 million in cash to Justin Sun and his blockchain media startup Tron, according to multiple sources close to the deal, who spoke to TechCrunch.

Variety earlier this week reported that a sale of the company to Sun closed last week, without naming a price, following rumors that circulated for at least a month that the two were in negotiations.

Shareholders have now been sent the paperwork to sign off on the deal, and that has detailed the $140 million price — which includes both a cash payment from Sun as well as cash in the company being distributed to shareholders alongside proceeds. Some are, we understand, still disputing the terms, as more than one person claims to have made the introduction between Sun and BitTorrent . A source says it’s unlikely that the disputes will actually kill the acquisition, given how long BitTorrent has been looking for a buyer.

BitTorrent most recently said it has about 170 million users of its products. Currently, these include its main client and BitTorrent Now. The latter is focused on video, music and other creative content. BitTorrent claims that its protocols move as much as 40 percent of the world’s Internet traffic on a typical day, making it the largest decentralised application around at the moment.

Tron is one of the new kids on the block in the wide world of blockchain startups. Founded by Sun, who previously had worked for Ripple (a settlement system built on blockchain tech), Tron says its mission is to build “a truly decentralized Internet and its infrastructure.” That has included (no surprises here) the creation of its own cryptocurrency, the TRX. TRX, loosely, appears to be a cryptocoin for the entertainment industry. Tron has plans to use TRX as a way to pay for content on its network, according to this whitepaper.'

Read the rest on TechCrunch.

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