The BitTorrent token (BTT) sale on the Binance Launchpad platform ended yesterday, with the token sale raising 7.1 million USD during the 15 minutes process. Crypto exchange Binance announced the completion of the 50 billion tokens sale on its official blog.
BTT token sold within 15 minutes
BitTorrent is a protocol for peer-to-peer file sharing that enables users to share files like music and videos on the internet. The BTT token is a TRC-10 token that was developed on the Tron network. The token will be used on the BitTorrent platform to transact in computing resources distributed between users.
Binance revealed that the BTT tokens were sold in two simultaneous sessions and the process lasted for 15 minutes. The first session was for buyers using Binance Coin (BNB), Binance’s native coin. The second session is for buyers using Tron (TRX). The BTT tokens were priced at 0.00012 USD each.
Tron CEO tweeted about the token sale:
It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds. #BTT $BTT #BitTorrent #TRON https://t.co/C1dqxRkO2l
— Justin Sun (@justinsuntron) January 28, 2019
Binance CEO Changpeng Zhao meanwhile stated that the token sale would have ended faster had technical issues not surfaced on the Launchpad website. Zhao tweeted about the high demand for the coin:
Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.
— CZ Binance (@cz_binance) January 28, 2019
According to the blog post, Tron will launch the BitTorrent Speed by summer. The BitTorrent Speed is a system which will integrate the Tron-based BTT token into the popular µTorrent Windows client.