BitTorrent Token Sells Out On Binance In 15 Minutes

Just shy of 60 billion BitTorrent tokens sold out in a public sale today in under 15 minutes, according to Binance.

Binance Launchpad, the Taiwan-based cryptocurrency exchange‘s “tokenlaunch platform,” held two sessions simultaneously: one for TRON (TRX) token holders and one for those with Binance’s native token, BNB. Buyers were limited to $20,000 worth of BTT, with a minimum of $12 to get in the game.

According to Changpeng Zhao, the CEO and founder of Binance, the public sale might have been over much earlier if not for a technical glitch with Binance Launchpad, which has previously only hosted token sales for two relatively obscure tokens, Bread and GIFTO.

While 60 billion (59.4 billion, to be exact) might sound like a lot of tokens, it represents just 6 percent of the total supply. With one BTT valued at $0.00012, this morning’s public sale reportedly raked in right around $7.2 million. For comparison, private and seed sales for BTT that ended on November 1, 2018, sold 11 percent of the tokens and took home $19.3 million.

Not everyone could participate. Notably, Americans – along with residents of 35 other countries – were barred from the sale.

Those hoping to get their hands on BitTorrent tokens may have to wait for the airdrops to begin. The BitTorrent Foundation says it will airdrop roughly 20 percent of the total supply of BTT between February 11 of this year and 2025. The recipients will be TRX holders with supported wallets.

The BitTorrent token, which works on the TRON blockchain, is envisioned as a way of incentivizing users of the peer-to-peer sharing site to pay for faster downloads while also increasing speeds for other platform users.

 

By JEFF BENSON