BitTorrent Officially Confirms its Acquisition by TRON

Avi Rosten

Peer-to-peer pioneer BitTorrent Inc – the company behind the enormously popular µTorrent file-sharing client – has officially announced that it has been acquired by TRON.

In a post on their blog, BitTorrent confirmed the acquisition (reportedly worth $140million) that has been in the news for some weeks – but until yesterday was unconfirmed by the company itself – commenting:

We are excited to announce that TRON has officially closed its acquisition of BitTorrent… BitTorrent will continue operating from TRON’s new San Francisco location, which is now the center of operations for the company’s global market expansion. The division will provide robust support for TRON’s global business development and partnerships, while pursuing its vision for the world’s largest decentralized ecosystem.

Adding that the company will “continue to provide high quality services," the company explained on Twitter that as a pioneer of decentralisation, they are looking forward to building the “decentralized internet:"

 

 

With over 100 million active users of µTorrent, the BitTorrent Play app and other desktop clients, the acquisition for TRON is a significant milestone for the company – following the launch of its mainnet on May 31st.

The price of Tron’s TRX token, however, seems to have dropped substantially since the announcement of the BitTorrent acquisition – which saw the token surge over 18%:

trx six months.jpgSource: CryptoCompare

With founder and CEO Justin Sun last month mentioning a “secret project” to be announced at the end of July, TRX investors will be playing close attention to whether the news will push the price out of its downward trend.

Libra Association Members Consider Quitting Due to Government Pressure

Neil Dennis

Three founding members of the Libra Association, the cryptocurrency project announced by Facebook earlier this year, are considering withdrawing from the group following government and regulatory opposition.

A report in the Financial Times on Friday suggested that two - unnamed - members of the Association are discussing their "right next steps". A further member - also unnamed - was reportedly concerned that its support for the project will raise regulatory scrutiny of its own business.

Founding Members

Among the 28 founding members are payments firms PayPal and Visa, internet marketplaces eBay and Booking Holdings, blockchain groups Coinbase and Xapo, and venture capitalists Andreessen Horowitz and Thrive Capital.

One of the partners told the FT:

Some of those conversations [about regulation] should have taken place before the launch, to understand how regulators would think about this, so there wasn’t so much pushback.

The backlash has not just been regulatory. Central banks are concerned about the impact on monetary policy, while governments have an obligation to protect their sovereign currencies. Indeed, such has been the furore over Libra that Facebook admitted on July 31 that the cryptoasset may never be launched.