BitTorrent today pushed back against claims it would start using cryptocurrencies after being acquired by the Tron Foundation.
In a statement released on Tuesday, BitTorrent said the firm has “no plans to change” their current business model. BitTorrent states they will not charge fees for their services. Additionally, the firm says they have “no plans to enable mining of cryptocurrency now or in the future.”
Reports from various publications indicate that BitTorrent was recently acquired by Tron Foundation’s founder, Justin Sun.
The statement from BitTorrent also says:
“BitTorrent has been a pioneer of peer-to-peer file sharing and we believe our vision of democratizing the Web by enabling decentralized, resilient access to information remains as relevant as it was when we started.”
News of the acquisition first emerged a week ago, with information surfacing on Tuesday that the price of the acquisition was $140 Million.
BitTorrent co-founder and former president Ashwin Navin would later confirm that the actual acquisition cost was $120 million.
News of the recent buy-out sent Tron’s TRX token up. TRX is currently trading at $0.046 as of press time.
In a recent interview on Huobi Talk, Justin Sun said he has full respect for BitTorrent, however, Sun declined to comment on what the two companies would collaborate on after the merger, noting that news would be released in a month.
BitTorrent concluded its statement by emphasizing they are still committed to their customer base and that they “will continue to invest and innovate in the BitTorrent and uTorrent products.”