Market Overview

TRON, Tronix, And The Entertainment Blockchain Economy

Share:
TRON, Tronix, And The Entertainment Blockchain Economy

Bitcoin, Ripple and Ethereum are still grabbing most of the headlines in the cryptocurrency word, but one lesser-known cryptocurrency has been coming on strong. After gaining 500 percent in a week back in December and nearly 10,000 percent in a matter of months, TRON now has a market cap of more than $13 billion.

What Is Tron About?

Investors are taking a liking to TRON for several key reasons. First, the mission of the TRON team is to create a global entertainment system based on blockchain technology that gives users control and ownership of data in the system. Of course, the exchange of data would be facilitated via Tronix, the coin of the TRON network. In theory, TRON could serve as an alternative global economy in which the users control the goods, services and currency.

Man With A Plan

Some TRON investors also believe the cryptocurrency may have a leg up on other competitors thanks to its CEO Justin Sun. Sun is only 26 years old, but he has already been included twice in Forbes list of 30 Under 30 brightest young entrepreneurs. Sun also represents popular cryptocurrency Ripple in China and is the CEO of Chinese audio content community Peiwo.

Sun is also a graduate of Alibaba Group Holding Ltd (NYSE: BABA) chairman Jack Ma’s Hupan University. Sun is reportedly close protégé of Ma, leading some investors to speculate that Alibaba could partner with TRON at some point down the line.

Sun has tweeted that TRON has hired multiple former members of the Alibaba development team as well.

Sun has claimed TRON has partnerships with multiple Nasdaq-listed companies. On Thursday, he tweeted that TRON will announce another major partnership within a week.

Hedging Bitcoin Bets

Cryptocurrency is the hottest investment on Wall Street at the moment, and it doesn’t get much hotter than TRON. Investors looking to diversify their cryptocurrency holdings to help mitigate some of the volatility in individual currencies like bitcoin and Ethereum are likely now taking a close look at Tronix.

Related Links:

Does Bitcoin Actually Hold Any Value At All?

A Guide To Who Loves And Hates Cryptocurrency 

Disclosure: the author is long BABA.

 

Related Articles (BABA)

View Comments and Join the Discussion!

Posted-In: Cryptocurrency News Education Commodities Forex Top Stories Markets General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com