Unconfirmed: TRON to Partner with ‘China’s Google,’ Baidu

Crypto market news service Coinness claims that TRON is about to partner with China’s Internet giant Baidu, citing private correspondence with the former.

The team of cryptocurrency project TRON (TRX) has reportedly partnered with China‘s largest Internet search provider Baidu. Crypto market news service Coinness has claimed this in a tweet Thursday, Oct. 11, citing its private correspondence with TRON’s team.

Neither TRON nor Baidu have been able to confirm the partnership to Cointelegraph as of press time.

Without specifying the details of the partnership, Coinness has claimed that the deal between TRON and China’s Internet giant Baidu will be “officially” revealed by the cloud storage service Baidu Cloud “next week.”

While Coinness claims that TRON has exclusively confirmed the partnership in private correspondence with it, the crypto platform itself has not yet officially announced any details of the partnership or even the identity of its new business partner.

TRON’s CEO Justin Sun has recently hinted on Twitter at a secret partnership with an unnamed “industry giant” that is valued at “tens of billions of dollars.” In his Tweet, posted Friday, Oct. 12, Sun has similarly provided little information:

“Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name.”

As mentioned on TRON’s website, the decentralized Internet company TRON Foundation was established in Singapore in July 2017, while TRON’s open source protocol was launched in December 2017. The company has dual headquarters in Beijing and San Francisco, and a team of over 100 employees working all over the globe, with some of them being formerly employed by China’s Internet giants such as Alibaba, Tencent and Baidu.

In late September, TRON released details about its partnership with a popular torrent client BitTorrent, following the earlier acquisition of the company. A collaboration between the two companies dubbed “Project Atlas” will reportedly enable the users of the BitTorrent client to receive rewards in TRON for seeding torrent files.

Earlier in August, Baidu has joined Tencent and Alibaba in enforcing new anti-crypto policies in line with China’s overall toughened stance on the industry. The firm has shut down at least two popular crypto-related forums, with a notice to their users stating that Baidu’s measures are compliant with the “relevant laws, regulations and policies.”

On Sept. 26, Baidu has released its Baidu Blockchain White Paper V1.0, aiming to create “the independent development of the ‘Super Chain’ network system.”

TRON is currently the eleventh largest cryptocurrency by market cap, according to CoinMarketCap data. On June 25, TRON celebrated its “Independence Day,” when it migrated off the Ethereum (ETH) blockchain to its own independent public blockchain.

At press time, TRON is trading at $0.023, up 2.79% on the day. The coin saw its all-time price high of $0.217 on Jan. 5, 2018, which was followed by a fall in value of almost 90% over the rest of the year – against the backdrop of an overall declining crypto market.

TRON one-year price chart

TRON one-year price chart. Source: CoinMarketCap

 

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TRON’s CEO Tweets of Forthcoming Partnership With ‘Industry Giant’ Valued at ‘$10s of Billions’

Justin Sun, CEO of decentralized internet startup TRON, has hinted at a forthcoming partnership with an unknown firm valued at “tens of billions of dollars.”

Justin Sun, CEO of decentralized internet startup TRON, has hinted at a forthcoming partnership with an unknown firm valued at “tens of billions of dollars.”

The tweet, posted Friday, Oct. 12, gives little information, stating that:

“Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name.”

Twitter followers were quick to join the guessing game: one proposed Alibaba – Sun is a graduate of Alibaba founder Jack Ma’s Hupan university, as his Twitter profile states, to which another replied: “Alibaba is worth more than 500 billion. Not tens of billions.”

Other suggestions included Baidu, Clover, and – more than one – Disney. None of these have been confirmed as of press time.

This is the second time that the CEO’s tweets have made crypto headlines this month: on Oct. 8, Sun claimed the TRON token’s forthcoming update would see it beat Ethereum (ETH) on speed and EOS on cost, prompting an 8 percent surge in the asset’s value.

In late September, TRON released further details of its bid to integrate with torrent client BitTorrent, which it had acquired this July for an undisclosed amount. According to the latest news, a product dubbed “Project Atlas” will seek to integrate TRX within the platform’s user base to create a hybrid content sharing ecosystem that leverages cryptocurrency.

As of press time, TRON’s TRX cryptocurrency is ranked 11th largest cryptocurrency by market cap and is trading at around $0.0227 per token, up 1.65 percent on the day.

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Bermuda Signs MOU with Blockchain Project Shyft for $10 Mln in Economic Development

Bermuda signs memorandum of understanding with Shyft blockchain network that provides compliance and identity checks.

The Government of Bermuda has recently signed a memorandum of understanding (MOU) with Shyft network which provides blockchain-based ID solutions for Know-Your-Customer (KYC) and anti-money laundering (AML) compliant data transfers, Shyft reported in a blog post May 15.

According to the MOU, Shyft network will spend up to $10 mln on blockchain technology education and economic development. Premier and Minister of Finance of Bermuda David Burt signed the MOU, commenting that the partnership with Shyft will promote high standards of technology and regulations. Burt said that Bermuda “is able to accelerate economic growth, create jobs and attract global interest.” He stated:

“The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind… We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and [a] progressive regulatory environment.”

The terms of the MOU state that the Toronto-based blockchain network will collaborate with the government in developing and improving “a robust legal and regulatory framework.” Shyft will also train Bermudians in blockchain technology and development through the country’s Department of Workforce Development.

While MOUs are useful instruments for showing intent and building bilateral relationships between governments and businesses, they are not legally binding. One advantage of MOUs for some governments in that, since they do not carry legally enforceable conditions, they may be issued and adopted without legislative approval.

In April, the Premier of Bermuda signed a MOU with Binance, the world’s second largest cryptocurrency exchange by market capitalization, to receive funding for educational programs related to fintech and blockchain startups. According to the MOU, Binance will provide up to $10 mln for university level training for Bermudians in the blockchain field, as well as invest up to $5 mln to support new blockchain-based firms in the country.

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