BitTorrent reaps $7.1 million on the sale of BTT (BitTorrent Token) on Binance Launchpad. BTT is a TRC-10 token type, Tron’s native mainnet token
Binance proclaimed the official conclusion of the sale through a blog post on their website. A total of 50 billion BTT were sold in two back-to-back sessions. One of the sessions was for participants who chose to use BNB (Binance Coin) to buy the token. The other was for those who opted to use TRX (Tron). Binance Launchpad released sales data information stating the public sale price of BTT was at $0.00012 apiece.
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
Changpeng CZ Zhao, CEO of Binance, tweeted if technical issues did not ensue, the sale could have concluded earlier.
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
BTT will be expended on the platform as a tool to ‘transact in computing resources’ shared by BitTorrent clients and services requesters and providers.
BitTorrent Speed is a system where platform users are incentivized with BTT for bandwidth exchange and seeding. It will coalesce BTT with µTorrent Windows client, which, will reportedly launch this summer.