Cryptocurrency bloomer Tron (TRX) has announced a major partnership with a firm it calls the ‘Chinese Netflix’, a move that some say could set the project up for even more growth.
Tron founder Justin Sun took to Twitter on Wednesday to announce a new partnership deal with Baofeng, which is listed on the Shenzhen stock exchange. Sun, who has made quite the name for himself through clever marketing hype, issued the following statement:
“We #TRON are proud to announce the partnership with Baofeng group,” Sun tweeted Wednesday. “Baofeng, aka Chinese Netflix, boasts more than 200 million users as a video portal giant and has achieved 8 billion [Chinese yuan] listing in Shenzhen stock exchange (300431.SZ).”
Unlike other cryptocurrencies, Tron seeks to create a digital content platform directly on the blockchain. The primary goal of the platform is to give content creators new ways of owning and distributing their work without having to deal with intermediaries like Apple Store.
The company recently announced a partnership with Singapore bicycle-sharing system oBike. There’s also speculation it could enter an agreement with Chinese e-commerce behemoth Alibaba.
Just last week, Tron became the latest altcoin to surge in value, joining the likes of Ripple and Litecoin near the top of the market cap chart. The project briefly overtook Litecoin in terms of overall market cap, which may have emboldened Sun to take a jab at LTC founder Charlie Lee.
In a Jan. 4 tweet, Sun seemed to criticize Lee for selling his Litecoin. In the same message, he reaffirmed his long-term commitment to the project through at least year 2020. Lee, aka @SatoshiLite, fired back with the following message:
“Congrats @justinsuntron, but you’re making the wrong comparison. You’ve printed over 34% for yourself ($6B!) versus LTC that I bought and mined. I also didn’t sell for 6 years, yet you’ve only locked yours up for only 2 years. Lock it up for 6 years if you’re really confident!”
TRX Price Levels
After a massive new-year surge, Tron’s value has drifted lower in recent days, placing it 11th among active cryptocurrencies with a market cap of $8.1 billion. The TRX token was last down 3.6% at around 12 cents U.S., according to CoinMarketCap. That’s around half peak levels from last week.
The Hong Kong-registered Binance was responsible for the vast majority of the $1.5 billion turnover in TRX. The platform processed 50.5% of the total daily volume via TRX/BTC. An additional 22.8% of the daily volume came from the broker’s TRX/ETH cross.
Of course, Sun has also been vocal about the recent price drop in TRX. In a Wednesday tweet, he said the recent fluctuation in the cryptocurrency’s price was due to CoinMarketCap’s decision to exclude Korean exchanges from its pricing mechanism.