BitTorrent Bags over $7 million in its Token Sale
January 29, 2019 11:46 am
BitTorrent’s token sale concluded on Binance’s Launchpad platform on January 28. The company bagged $7.1 million, selling 50 million tokens within 15 minutes. Binance revealed the sale conclusion on its official blog.
BitTorrent provides a peer-to-peer file sharing medium, letting users share files, music or videos on the internet.
BitTorrent’s token (BTT) is based on Tron network (TRC-10), and will be accessed through the same platform to “transact in computing resources shared between BitTorrent clients and any other participating service requesters and service providers.”
The token sale was conducted in two simultaneous sessions on Binance Launchpad, one for buyers with Binance’s native token, Binance Coin (BNB), and the second for buyers using Tron (TRX). According to the sales data posted on Binance website, the tokens were sold at $0.00012 each.
The Tron CEO and founder Justin Sun tweeted, “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.”
Changpeng Zhao, the CEO and founder of Binance, said,
“Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 10 seconds otherwise. Demand was astronomical.” Tron-based BTT token will merge with BitTorrent speed, and will probably launch in Summer.