Gone in 15 Minutes: BitTorrent Tokens Fetch $7.1 Million in Initial Sales

Jan 29, 2019 at 15:44 Update Date :Jan 29, 2019 at 15:44 UTC

The much anticipated sale of the BitTorrent token (BTT), came and went in a flash. The sale of nearly 59 billion tokens took just a matter of 15 minutes to be completed, bringing in a windfall of $7.1 million for the Binance Launchpad platform that initiated the sale.

BitTorrent is a global protocol for users to share and distribute files with the help of the internet. With a reported network of 100 million users worldwide, BTT is expected to grow rapidly.
Each BitTorrent user wishing to make use of their BTT token would have to have possession of a small amount of TRON, which could in turn lead to a boost in TRX token sales.

The sale, which began on Jan.28, to quote sources, “exactly at 3:00 PM UTC,” was open to users for buying BTT from two simultaneous sessions, by either using Binance Coin (BNB) or by TRON (TRX).

BTT is a based on the TRC-10 token protocol, and is designed to allow “BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods.”

The initial circulating supply is just 9% of the total token supply, with each BTT priced at nearly $0.00012 USD.

The total BTT that will ever be in circulation is capped at 990 billion.

In a tweet, CEO of TRON, was gushing on about the combined token sales of BNB and TRX.

 

CEO and founder of Binance, Changpeng Zhao, was quick to say that the sales would have ended sooner had it not been for technical issues on Binance’s Launchpad platform.

TRON’s price, however, failed to rise up and continued to be down by 5% in the past 24 hour period, trading at $.027 at the time of writing.

The entire crypto market is currently exhibiting a bullish trend, which experts predict is just another phase.

Also Read: ABCC Exchange Becomes First to Issue Tron’s TRC10 Tokens

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