Justin Sun Reveals Why Tron Bought BitTorrent, Also Allcoin TRX Listing News
CEO of Tron Announces New Listing, Also Shares Reason for BitTorrent Acquisition
CEO of Tron, Justin Sun has reported that the TRON token has now gained new support. Sun took to his Twitter platform to inform devoted followers of the new listing and it is none other than the Canadian crypto exchange, Allcoin.
He also revealed that users can now deposit and withdraw TRON as of Wednesday, August 22 with trading only commencing, Friday, August 24 at 15:00 (SGT).
As per CoinMarketCap’s statistics, TRON has been bumped out of the top ten cryptocurrencies, now sitting at the 12th position. Its market capitalization is approximately USD$1.3 billion with its trading volume at about USD$96.8 million and current token value at about USD$0.019. Since its all-time high back in December, the coin has seen a drop of nearly 90%, which seems to be the case for most altcoins.
Tron is not new to constant partnerships and support, as the project dedicated to decentralizing the web has made multiple efforts in helping to expand its ecosystem. While its native token gaining yet another listing is surely to add to investors’ confidence, not many seem to be convinced. Twitter users have since praised the efforts, but believe it is not enough, as the token’s value does not seem to pick up in anyway.
Why Acquire BitTorrent
In July 2018, Sun announced Tron’s acquisition of the communication protocol for peer-to-peer (P2P) file sharing platform, BitTorrent. While many investors were quick to congratulate Tron for such an acquisition as it signifies more exposure within the crypto sphere, it appears like Sun has other reasons for the acquisition.
In a letter written to BitTorrent, Sun wrote that both firms involved share a common value. He emphasized on Tron’s goal to:
“Decentralize the web” as being closely related to BitTorrent’s goal to “Democratize the Internet”. This acquisition is supposedly considered an initial step towards the CEO’s plans to “strengthen the Internet infrastructure.”
One would assume that all of Tron’s accomplishments will surely rise its token price, however, it seems to be the contrary. Could it be that the lack of investor motivation is driving down the Tron price? Share your perspective(s) below.