Tron founder Justin Sun has acquired global peer-to-peer file sharing service BitTorrent, for about $120 million.
A June 11 report by Variety reveals that the long-anticipated deal has finally gone through. According to Variety, Sun started talking to BitTorrent in September 2017 and signed a letter of intent to purchase in January 2018.
Blockchain platform Tron and cryptocurrency token TRX, which is the tenth biggest cryptocurrency, boasting a market cap of over $3 billion, rallied nearly 20 percent on the news, jumping from about $0.042 on June 18 to over $0.05 on June 19.
BitTorrent, one of the pioneers of P2P file sharing, claims to have over 170 million users and up to 40 percent of all internet traffic on any given day. It is not clear exactly how Tron and BitTorrent will collaborate, if at all, as neither company has publicly commented on the acquisition.
However, BitTorrent did release a blog post on June 19 reassuring its users that the company “has no plans to change what we do or charge for the services we provide. We have no plans to enable mining of cryptocurrency now or in the future.”
The BitTorrent acquisition comes as Tron is preparing to migrate over from its current Ethereum-based platform to a custom blockchain platform and conduct a swap of its ERC20 standard TRX token to the new, custom TRX token. The migration began in May 2018 and is slated to finish up by the end of June.