50 Billion BitTorrent Tokens Sold Out In Less Than 15 Minutes On Binance Launchpad For $7.1 Million
Justin Sun and Changpeng Zhao shared some pretty exciting tweets yesterday following the successful sale that they have been preparing for a while.
The whole crypto community waited to see how the BTT sale would go, and it seems that it went almost flawlessly.
During a brand new interview with CNBC’s Crypto Trader, Tron’s founder and CEO Justin Sun talked about BitTorrent and said that he bought it for $140 million. He also addressed the plans for this platform.
“BitTorrent has been around since 2003. This is a very successful P2P network responsible for P2P file sharing. At the same time, it has more than 100 million active users around the world – basically, monthly active users,” Sun said.
BTT tale on Binance Launchpad netted $7.1 million
Yesterday, January 28, marked a very important day. The BTT sale on the Binance Launchpad concluded by netting $7.1 million with the sale of 50 billion tokens in less than 15 minutes.
Binance detailed the success of the sale in an official blog post.
BitTorrent is a protocol for peer-to-peer file sharing, and it allows users to distribute files over the Internet. BTT is based on a Tron TRC-10 token.
According to the official announcement, “BitTorrent’s new BTT token will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods.”
BTT tokens have been sold in two sessions that took place simultaneously on Binance Launchpad, reveals Cointelegraph.
One was for buyers using Binance’s native token Binance Coin (BNB) and the other session was for buyers using Tron’s TRX.
Each token was priced at $0.00012 according to the sales data posted on the Binance website.
Here’s Tron’s founder, Just Sun’s exciting tweet:
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’s CEO, Changpeng Zhao said that the sale would have ended even sooner if there hadn’t been some tech issues that popped up on the Launchpad website.
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
BitTorrent Speed is the system set to integrate BTT into the popular µTorrent Windows client, and it’s set to launch by summer.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.