Altcoin News

How Neo (NEO) Failed To Buy Tron’s (TRX) Newly Acquired BitTorrent

After revealing that the founder of Tron (TRX), Justin Sun was not the only one who made bid for the content distribution protocol, BitTorrent, it became crystal clear that quite a number of people valued the power of the platform.

It was said that even though the most talked about tech deal fell in favour of Sun, he was not the highest bidder as the likes of Neo (NEO) blockchain project were among the top contenders in the negotiation.

According to Coindesk, persons who got more information about the deal, and some internal documents revealed that the blockchain company, made a higher bargain for the deal than Sun through its venture capital firm, Neo Global Capital.

Although the pair Tron and BiTtorrent failed to comment on report, but the head of investment at Neo Blockchain, Weiyu Wayne Zhu was able to reveal that NGC offered $50 million dollars more than Sun.

While Neo blockchain proposed $170 million, the founder of Tron offered $150 million.

Despite pledging a higher bid for the platform, BitTorrent’s board claimed that the offer made by Sun is much more favourable to its company and shareholders than NGC’s.

Another important information that clarified the situation of the deal is that while the two companies are based in China, government regulation which will surely have effect on such a big deal favored Tron more.

Acquiring BiTtorrent in July, the announcement marked one of the earliest successful acquisition of a well-established web company by a crypto based firm.

Stirring up excitement amongst lovers and investors, Sun said the acquisition will mark a new dawn for the Cryptocurrency as it aims to decentralize the internet completely.

Though Tron and Neo’s aim for BitTorrent were quite different, the duo eyed the platform as one which would help them in claiming an important stake in the market, due to its speed and scalability.

Similarly, the two charges to be a great competitor for Ethereum, but the acquisition has so far roused the tempo of Tron to be a better blockchain platform than the world’s second most popular Cryptocurrency, Ethereum.

 

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Yusuff O.
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