Justin Sun, Tron cryptocurrency founder, finally officially acquired BitTorrent Inc. Initially, a letter of intent appeared. It did went wrong and doubts started to surround the entire deal.
Last month, TorrentFreak reported that negotiations were going on between Justin Sun and BitTorrent (now known as Rainberry). Nobody really knew what was happening there but Rainberry eventually confirmed what was initially uncovered. Initially, it was shown that Sun sent an official letter of intent but that it had a “no-shop” clause. This means that it was not allowed for Rainberry to negotiate deals as this letter was valid. This clause was violated and Justin Sun ended up suing. As the letter expired, Rainberry Acquisition, a new company was registered by Sun.
Later news showed that Rainberry Inc and Rainberry Acquisition Inc did file for an official merger. This suggests the two companies merged. Inside sources say that Rainberry talked to the employees about the merger, even if no official statement was issued about the merger by the two companies.
At the moment we do not have official details about the deal. However, Justin Sun definitely has the necessary finances to buy Rainberry. It was listed in the past that the Tron Foundation actually held $1.65 billion in TRX, even if it is not known if the funds were used to buy the company.
BitTorrent was struggling and Justin Sun may have actually saved the company. BitTorrent was at one point in time a huge new project but it did not live up to its intended potential. This was a tool that was famous for letting people share content that was pirated. However, similar legitimate platforms eventually became available. This is when Rainberry lost a huge part of its user base.
BitTorrent did have its share of people that tried to save it. This includes 2 CEOs. In one attempt the CEO tried to venture into media. This was a huge failure. Only time will tell if Justin Sun’s attempts will be a success.
Tron has an interesting end-goal: building decentralized internet that can allow the creation of blockchain projects. Rainberry’s P2P technology is, most likely, of high interest for Justin Sun, who might have found what was needed to realize the decentralized dream.
It is interesting that Sun was quiet about the deal with Rainberry. However, an official announcement is expected since he is quite active on social media. The market is now interested in seeing how Justin Sun will integrate Rainberry into Tron.