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Tron’s Justin Sun Finally Acquires BitTorrent after Long Battle

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Tron
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After a series of legal battles, BitTorrent has finally been sold to Tron CEO Justin Sun. First reported on TorrentFreak on May 25th, the news entailed details of how Justin Sun had pursued the company with talks that dated as far as September of last year.

After the talks, Justin Sun and BitTorrent agreed and signed on a letter of intent to acquire BitTorrent in January of 2018. However, BitTorrent initiated conversations and meetings with other bidders, holding back the deal for a brief moment while Sun moved to court to sue BitTorrent with a temporary restraining order.

Eventually, however, Sun dismissed the lawsuit and went on to register Rainberry Acquisition. Considering BitTorrent had already renamed their business to Rainberry Inc early last year, various news reports pointed to the now obvious conclusion that Justin Sun’s move was in line with acquiring BitTorrent.

In addition, Variety also recently reported that Rainberry Acquisition (Justin Sun’s company) had merged with BitTorrent’s Rainberry Inc officially after California Secretary of State suggested they both file a merger.

Keeping everything quiet

At the moment, there is no representative from either of the entities who have issued out a comment or an announcement about the merger. In fact, even though the BitTorrent management has informed its staff about the deal, Variety reports that staffers “have been advised not to talk to the press”.

Furthermore, some of BitTorrent’s shareholders have also been contacted and informed about the deal through the transfer agents working on the deal.

In regards to this deal, Sun has also been somewhat reserved considering his usual social media presence. From the look of it, however, Tron’s goal of decentralizing the internet falls in line with the underlying technology that BitTorrent is built upon. In fact, there are 8 unique references in Tron’s whitepaper that point back to BitTorrent.

Valuation of the deal and Saving BitTorrent

Although the valuation of the deal has not been determined at the moment, it’s pretty clear that Sun can afford to acquire BitTorrent considering the company has been struggling and that the Tron Foundation is worth over $1 billion in TRX holdings.

On the other hand, BitTorrent will be breathing a sigh of relief after a tumultuous corporate history of bad deals. Ten years ago BitTorrent managed to raise money to build a P2P based entertainment business. Those plans failed, leading the company to focus on growing an advertising and bundle software business. Although this move proved successful enabling the company to have over 150 million active users at the time, 2016 saw two outside investors come in as co-CEOs eventually faltering the company’s growth. This led BitTorrent to shut down its live streaming business just last year while the company’s founder Bram Cohen went on to become the CEO of Chia.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

3 Coins Coinbase Will Adopt Next

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Coinbase is one of the largest and most popular cryptocurrency exchanges in the world. However, throughout its existence, it was very picky when it comes to which coin it will adopt. So much so, that it has become a very large achievement to get support by the exchange.

Recently, however, Coinbase has decided to act on its users’ wishes and expand its list of accepted coins. In theory, this was a big deal, and the exchange actually started looking into a lot of coins. However, it only adopted a few of them. Right now, Coinbase is supporting Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, USD Coin, Basic Attention Token, and 0x.

Even so, Coinbase wishes to add more of them, but only after it ensured that the coins are a part of legitimate, non-controversial projects. As a result, the entire crypto community started speculating about which coins will be added next. This will also be something that we will try to answer today, by listing three projects that are the most probable candidates.

3. EOS

EOS or Ethereum On Steroids, as some like to call it, is a more than a decent project that has made headlines multiple times this year due to its progress. It managed to launch its own MainNet, which made it perfect for dApp development and smart contract creation. This makes it similar to ETH, but many…

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Bitcoin

What Will It Take For Bitcoin (BTC) To Rise Again?

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It is no secret that 2018 has been a terrible year for cryptocurrencies when it comes to their value. Things looked so bright during the first few days of this year, with Bitcoin hitting $20,086 per coin, and every altcoin reaching new heights. However, it was not to last, and soon enough, the market crashed, and prices went down.

What followed was months and months of a heavily bearish market that kept pushing the prices further and further down. It prevented any attempt of recovery, although several of them gave it their best shot.

Despite a situation like this, crypto investors never forgot the potential of Bitcoin, and many have been predicting another bull run that would have the same results. Those expectations were quite large, and potentially even unrealistic at first. Now, however, as the year approaches its end, it doesn’t seem like anything will happen. The community started to wonder why that is, and what would it take for another bull run to emerge, which is what we will try to answer right now.

What does Bitcoin need in order to have another bull run?

1. Bringing regulation

The crypto space remains highly unregulated in most parts of the world, which is one of the largest reasons why BTC remains dormant. While there are attempts to regulate it, these attempts are made even more difficult due to the fact that the market is constantly changing and…

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Altcoins

Stellar plans to Airdrop 150 Million USD in XLM to Blockchain Wallet Users

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Recently the Stellar Development Foundation partnered with Blockchain Wallet to airdrop $150 million value of XLM, to the owners of the wallet. The Block declared that the first batch of XLM would be shared this week for all users who signed up to use the Blockchain wallet.

The team behind the stellar Development Foundation hopes that this partnership will make XLM a real rival for other cryptocurrencies from the market.

The co-founder of Stellar, Jed McCaleb declared the following about the airdrop:

“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens for free is an invitation to communities to design the services they need.

By working with Blockchain to increase the availability and active use of lumens on the network, we will increase the network’s utility by many orders of magnitude.”

Just $25 value of XLM each

To share some respect to the worth of XLM will distribute for each user, the team of Blockchain wallet declared that after verifying the identity when signing up to the wallet, $25 value of XLM will be shared to each. Furthermore,  there will be a first- come and the first-served clause in this airdrop which says:

Offer available until XLM giveaway supply is depleted. Limit of one XLM airdrop per person, unless participating in any bonus activities.

A person can receive the XLM airdrop in only 1 Blockchain Wallet.  XLM…

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