BitTorrent, the pioneer peer-to-peer file transfer platform, has been acquired by Justin Sun, the founder and developer of the TRON blockchain protocol and TRX cryptocurrency token.
Rumors were abound last month that Justin Sun had been negotiating with BitTorrent and was in the process of acquiring the site. As reported by Variety, the deal closed last week, and BitTorrent management has begun informing staff members of the acquisition.
According to rumors, the negotiations started as early as back in September 2017, and a letter of intent to purchase was signed in January 2018. However, the deal was paused due to BitTorrent shopping around and considering other potential buyers. BitTorrent’s actions breached the agreement and led to Sun filing a temporary restraining order.
Sun dropped the pending lawsuit, and registered a company called Rainberry Acquisition LLC. Notably, BitTorrent had renamed its corporate parent company to Rainberry Inc. at the start of 2018. Both Sun’s Rainberry Acquisition and Rainberry Inc. filed for changes of status due to a merger, indicating that the two mergers are connected.
Variety claims that the connections are valid, and the acquisition went through. According to the Variety’s source who has knowledge of the acquisition, staff members are being asked not to talk to the press, hence the lack of official details ahead of a public announcement.
Justin Sun and the TRON Foundation plan to create a decentralized internet where developers can build Dapps. How BitTorrent will work into that business strategy is not yet clear, though the peer-to-peer nature of BitTorret does appear to be a good fit.