TRON celebrates major Chinese government recognition

Janica San Juan 10 January 2018 NEWS

crypto IT imageThe TRON Union is celebrating the inclusion of one of its core companies in the National High-tech Enterprise list issued by the Chinese government.

The company, Peiwo Huanle Technology Co. Ltd., is known for its popular Peiwo App and is a sibling of Tron Labs. Both of which are owned by Justin Sun.

The National High-tech Enterprise qualification is a government initiative aimed at promoting the growth of high-tech business enterprises. It is highly exclusive because of its strict inclusion criteria. Companies that qualify benefit from tax relief provisions, preferential staffing policies as well as funding for research projects.

What the recognition means

Peiwo App is the biggest community of audio content not only in China but also in the world. It has a user base of more than 10 million. Over one million users are active each month. According to Sun, this recognition marks a major milestone for TRON Union as it signifies state-level approval on blockchain technology.

TRON is a relatively new blockchain network that got off to a rocky start as its ICO launch collided with the China ban in September last year. Its main objective is to establish a free entertainment network on a global scale where content owners can manage the use of their published data free from third-party interference.

Potential effect on the TRON ecosystem

TRON has come a long way since that time thanks to favourable attention by major companies listed on NASDAQ. In December alone, the TRX token rose to a high of $0.032 all the way up from $0.002. It is currently trading at around $0.14 as at press time.

The founder of the platform also inspires confidence in the model thanks to his historical performance. He was a former protégé of Alibaba’s Jack Ma and a Ripple representative for the Greater China. He was also named in the 2017 Forbes Asia list of top 30 under 30.

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