Back in May it was reported by TorrentFreak that negotiations between Rainberry, formally BitTorrent and Justin Sun, founder of Tron. Justin Sun submitted a letter of intent in a bid to purchase Rainberry, it can now be confirmed that Tron Founder Justin Sun has bought BitTorrent.
Justin Sun has bought BitTorrent
In the previous investigation by TorrentFreak, they reported the letter of intent submitted by Justin Sun. The main finding in the investigation was that the letter of intent in fact came with a “no-shop” clause. Meaning the popular torrent company was not allowed to negotiate with any other parties over a potential sale whilst this letter was valid.
Rainberry did infect violate this clause, which led to Sun suing the company. However, this was eventually dismissed and Justin Sun has bought BitTorrent.
On the expiry date of the letter, Sun registered a company named “Rainberry Acquisition.” It has since been confirmed that Rainberry Acquisition Inc. and BitTorrent’s Rainberry Inc. have filed for a merger with the California Secretary of State.
No official statements have been made by either of the companies representatives, however it is believed that Rainberry management staff had infant informed their employees while advising them not to release any details. Variety have reported that some of the BitTorrent stakeholders have been informed but no financial details have been released currently.
What is Tron?
Tron is a blockchain based open source project that will have a global digital entertainment protocol that is a cross – protocol for digital entertainment. The team states that they are followers of Tim Berners Lee, a pioneer of the web, and seek to deploy a decentralized, trustworthy application with smart contracts empowered by the blockchain, infused with digital values that shared by everyone. They are seeking to build the next era of the web, a 4.0.