Tron (TRX) Pumps Nearly 18% After Acquiring BitTorrent

TRON has seen its price rising after its founder Justin Sun declared that he is in the final stages of closing the deal to acquire BitTorrent, a company which also owns uTorrent.

BitTorrent Sale to Tron

There were reports in the media that the company is being sold for $140 million to Justin sun. This was already reported by other media a few months back that Sun was working on acquiring the company. Shareholders were asked to sign the deal, even though some shareholders are not in favor of the terms mentioned in the deal. But, this won’t stop TRX from the acquisition. BitTorrent was also looking for a buyer for a long time since they were in dire need of cash.

BitTorrent will Help Tron

BitTorrent platform which has 170 million users will be used by Tron (TRX). Peer-to-peer files sharing, the feature of BitTorrent, will support its goals and make its adoption faster among users. Also, some are of the opinion that purchasing of BitTorrent will help Tron to get legitimized after it was accused of copying FileCoin and Ethereum whitepaper. BitTorrent website also can be used to mine tokens; this is possible since the platform has a large userbase and is peer-to-peer.

Tron Pumps by 18%

TRX token had a huge surge yesterday, and it was pumped up by 18%. The token is trading at $0.045363 with a marketcap of $3 Billion at the time of writing. The total supply of TRX token is at the $5 billion mark. One of Tron’s goal is to build a “Truly decentralized internet.” TRX tokens can be used to pay content creators on its blockchain and it can also be used as a platform for gaming on the blockchain.

Like EOS, Tron also raised its funds using and IC and is about to move to its blockchain. This acquisition is also helping BitTorrent since it was not able to manage and maintain profits due to poor management practices. But Tron looks at the peer-to-peer architecture and large user base that will help for major adoption. Tron can make use of BitTorrent’s user base for adopting its blockchain and token and eventually use the token for the payment for file sharing and ads.

We will have to wait and watch if its acquisition will benefit its long-term goals and help in adoption of its technology and token. But in the short term, it has helped the token’s price to rise and made its holders happy.