News of the acquisition first surfaced in a TorrentFreak report last month. The report detailed a letter of intent for acquisition that was sent to BitTorrent, which recently rebranded to “Rainberry.” This letter contained a no-shop clause, meaning the torrenting company was not able to negotiate any other deals so long as the letter remained valid.
However, Rainberry went on to violate the clause, which later caused Sun to sue the company and registered a new company under the name “Rainberry Acquisition, Inc.”
Variety now reports that Sun’s Rainberry Acquisition, Inc. alongside BitTorrent’s Rainberry, Inc., filed for a merger with the California Secretary of State.
No details surrounding the deal have been provided, and it’s unclear if Rainberry was purchased through foundation-controlled funds, as Tron currently holds $1.65 billion in TRX.
What is clear is that the acquisition may have saved BitTorrent, which has suffered recently due to the company’s stigma from allowing users to share pirated content. This type of illicit activity on the platform significantly damaged public perception and hampered growth.
Tron aims to continue building towards a decentralized internet that will allow blockchain projects to be created on their platform. Rainberry’s peer-to-peer technology will likely help Sun toward his decentralized vision, which is referenced 8 times in Tron’s whitepaper.
More on Tron
TRON (TRX) is a decentralized internet ecosystem founded by the Tron Foundation, a Singapore-based non-profit organization headed by Justin Sun. TRX was originally developed as an ERC20 token on the Ethereum network and will transition to its mainnet in late June.