TRON's Justin Sun Announces New Acquisition as Rumors Point to Steemit

TRON founder Justin Sun has announced a new acquisition is set to be announced early next year. Details are scarce but Sun’s announcement claimed it was for BitTorrent and its BTT token.

TRON, as CryptoGlobe reported, acquired BitTorrent last year after winning against a $170 million bid from NEO. It launched its BTT token via the Binance Launchpad platform, and it has since been listed on major trading platforms. Sun’s announcement regarding the new acquisition reveals it’ll bring in “new members to BitTorrent family.”

According to various rumors on social media, Justin Sun’s announcement is referencing a new acquisition of the popular blockchain-based blogging platform Steemit. These rumors appear to cite Chinese news outlet Mars Finance, a crypto media outlet valued at $200 million that received investments from Binance, OKCoin, and others, as their source.

Steemit is a popular platform where users are rewarded in both STEEM and Steem Dollars (SBD) for creating and curating content. Its CEO, Ned Scott, revealed late last year the company behind the platform, Steemit Inc, was forced to lay off 70% of its staff to reduce operating costs and was restricting its organization to stay afloat.

Sun’s announcement doesn’t seem to have affected the price of either TRX or STEEM, as both are down by little over 1% in the last 24-hour period. The crypto market in general is in the red in the aforementioned period, with BTC dropping about 2%.

As reported, the TRON Foundation has announced it will be unlocked 33 billion TRX, worth around $440 million, in the beginning of 2020. The Foundation hasn’t revealed what the funds will be used for, but it’s possible they may go toward the recently announced acquisition.

Earlier this year, TRON invested in the popular cryptocurrency exchange Poloniex, shortly after it spun out of Circle. Since then Poloniex has been adding TRX trading pairs, and now features a decentralized TRX exchange as well.

Featured image via Unsplash.