BitTorrent confirms takeover by blockchain start-up
Blockchain start-up TRON has officially completed its acquisition of file-sharing service BitTorrent to create the world's "largest decentralised ecosystem".
The financial terms of the deal were not disclosed but media reports suggest that TRON paid around $126 million in cash.
BitTorrent, which has over 100 million active users worldwide, said it will continue operating from TRON’s new San Francisco location.
"With this acquisition, BitTorrent will continue to provide high quality services for over 100M users around the world," the software firm said in a statement.
"We believe that joining the TRON network will further enhance BitTorrent and accelerate our mission of creating an Internet of options, not rules."
Founded by Chinese entrepreneur Justin Sun, Tron is a blockchain start-up which has issued its own cryptocurrency called TRX, which had a market cap of $2.46 billion at the time of writing.
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