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Popular torrent client and peer-to-peer file sharing protocol, BitTorrent, has recently completed their crowdfunding/ BTT token sale on Binance Launchpad, netting $7.1 million dollars with the sale of 50 billion tokens in just under 15 minutes. Binance announced the result of the sale of BitTorrent ICO in an official blog post.
BitTorrent is a TRON-owned blockchain project for peer-to-peer file sharing platform which currently has 100 million monthly active users across 138 countries. BTT is Tron TRC-10 based token which will be used on BitTorrent platform to “transact in computing resources shared between BitTorrent clients and any other participating service requesters and service providers.” BTT is believed to revolutionize the file sharing experience on the decentralized network.
The BitTorrent token (BTT) sale on the Binance Launchpad, an exclusive token launch platform of Binance, began at exactly 3:00 PM UTC on January 28, 2019. There were two parallel token sale sessions; one for purchases using TRON (TRX) and another for buyers wanted to use Binance’s native crypto token, Binance Coin (BNB), both of which were concluded in under 15 minutes.
During BTB session, almost 23.76 billion BitTorrent tokens (BTT) were sold to token sale participants within 13 minutes and 25 seconds, whilst the TRON session took 14 minutes and 41 seconds to sell off 35.64 billion BTT. During the token sale, each BTT token was priced at $0.00012 or at 0.00001824 BNB or 0.00447261 TRX. In simple words, you could have bought 54,824.56 BTT with 1 BNB, while 1 TRX could have bought you 223.58 BTT. Moreover, the participants were required to purchase between the minimum amount eligible for purchase (100k) and the maximum amount of 166,666,666 BTT.
Backing the above statement, 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, CEO, and founder of Binance commented that the sale would have concluded much earlier if the system issues had not occurred on the Binance Launchpad website. “What took about 18 minutes, would have taken merely 18 seconds otherwise. Demand was astronomical.”