Neo, Being the Highest Bidder Failed To Buy Tron’s Newly Acquired BitTorret

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A recent report shows that the founder of Tron (TRX), Justin Sun was not the only one who made bid for the content distribution protocol, BitTorrent. In fact, he was not even the highest bidder.

According to the sources, NEO also known as the Chinese Ethereum was going to buy the company via its venture firm Neo Global Capital (NGC) for $170M, but BitTorrent management preferred Justin Sun, the creator of TRON, who offered only $120M.

Based on internal documents and multiple interviews with people close to the deal, CoinDesk was able to reveal Sun’s rival in his quest to acquire BitTorrent. Although the pair Tron and BitTorrent failed to comment on the report, the head of investment at Neo Blockchain, Weiyu Wayne Zhu was able to reveal that NGC offered $50 million dollars more than Sun.

BitTorrent’s board claimed that the offer made by Sun is much more favorable 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 an effect on such a big deal favored Tron more.

While the two companies have explicitly different goals, Neo and Tron have faced off numerous times. Both projects are seeking the chance of staking their claim and becoming the leader in the blockchain market by creating more scalable and faster blockchains.

Read More: https://news.bitzamp.com/neo-neo-being-the-highest-bidder-failed-to-buy-trons-trx-newly-acquired-bittorrent/