TRON Foundation’s acquisition of BitTorrent Officially Confirmed
Last updated July 14, 2021
- San-Francisco based file-sharing company BitTorrent officially confirmed that it has completed its acquisition by cryptocurrency company TRON Foundation.
- Talks of the acquisition first surfaced in May, but the business deal was unconfirmed until recently when uTorrent’s parent company finally revealed more details.
- BitTorrent’s current product line will be left intact while also allocating resources to improve the decentralized technology that the TRON foundation has to offer.
BitTorrent Inc. is one of the largest file sharing service providers in the world known for its products like uTorrent, BitTorrent News, BitTorrent DNA and more. The file sharing service provider is now part of cryptocurrency company TRON Foundation going forward. Reports of the acquisition first surfaced in May with TRON’s founder Justin Sun expressing interest in acquiring the file-sharing platform. Financial details about the acquisition were not revealed by the companies but reports from media outlets claim that TRON paid $140 million for the file-sharing company and its assets.
TRON Foundation and BitTorrent Inc. officially confirmed the business deal earlier today. A spokesperson for BitTorrent confirmed “With this acquisition, BitTorrent will continue to provide high-quality services for over 100M users around the world. We believe that joining the TRON network will further enhance BitTorrent and accelerate our mission of creating an Internet of options, not rules.”
BitTorrent’s current product lineup including the highly popular uTorrent will continue to be live for users with TRON promising to leave the BitTorrent protocol intact. The acquisition by TRON was due to the cryptocurrency company’s interest in decentralizing the web. Both the companies believe in ‘all-in decentralization’ and seek to free the internet from corporations that want to seize control of the web.
While the move has created waves in the cryptocurrency community, BitTorrent users have stayed relatively quiet about the business deal. Some uTorrent users were concerned about the removal of the torrent client, but the uTorrent team confirmed that the software will not be removed or implement cryptocurrency mining features.
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