File sharing service BitTorrent confirmed in a blog post this Tuesday that it was officially acquired by the blockchain startup, Tron. The news ended the speculation surrounding the companies spanning from mid-June. Tron was said to have paid about USD 126 Million in cash for BitTorrent, according to documents filed with the California Secretary of State.
With the acquisition, the blog post stated, “BitTorrent will continue operating from Tron’s San Francisco location, which is now the center of operations for the Company’s global market expansion. The division will provide robust support for Tron’s global business development and partnerships, while pursuing its vision for the world’s largest decentralized ecosystem.”
Tron, founded by Chinese entrepreneur Justin Jun, is a relatively new entrant in the ranks of blockchain startups. The Company issued its own cryptocurrency called “TRX” with a market cap of USD 2.4 Billion at the time of writing. Currently, BitTorrent claims around 100 Million active users globally.
Not too much information was given out of Jun’s plans with the Company but BitTorrent has released a statement to let users know that they have “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.”