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Altcoin News

BitTorrent Tokens Sold Out In Less Than 15 Minutes, Raking $7 Million In Profits

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The sale of the BitTorrent token (BTT) was everywhere in the digital currency news yesterday. Hosted on the Binance Launchpad platform and concluded yesterday, it managed to net $7.1 million dollars with the sale of 50 billion altcoin tokens in under 15 minutes.

Binance announced the official conclusion of the sale in an official blog post. Based on a Tron-TRC-10 token, BTT will be used on the platform to “transact in computing resources shared between BitTorrent clients and any other participating service requesters and service providers.”

What’s important is the fact that the BitTorrent tokens were sold in two sessions, one for buyers using Binance’s native token Binance Coin (BNB) and the other for buyers using Tron (TRX). Each token was priced at $0.00012 according to the sales data published on Binance.

The founder and CEO of Tron, Justin Sun, followed up with a tweet after the sale has concluded, stating:

“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.”

The Binance CEO and founder Changpeng Zhao was not quiet too. At around 3:20 UTC, CZ tweeted:

“Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”

The new milestone for both teams is the BitTorrent Speed system which will integrate the Tron-based BTT token in the popular µTorrent Windows client – expected to launch by summer.

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