Binance Launchpad, an exclusive ICO platform created by Binance, has made a successful ICO sale. Over 58 billion BitTorrent tokens were sold in exactly 28 min and 6 seconds. The sale of the tokens began on January 28, 2019, at 15:00 hours UTC.
Details of the Token Sale
According to a Binance’s blog post, two sessions were involved in the token sales; the first included the use of Binance Coin (BNB) while the second involved the use of TRON (TRX) tokens. In the first session, 23.76 billion tokens were sold out in 13 minutes 25 seconds, and in the second session, it took a mere 14 minutes and 41 seconds to complete the token sale.
One BitTorrent (BTT) token was equal to 0.00001824 BNB or 0.00447261 TRX. A single Binance Coin can buy 54,824.56 BTT, while 1 TRX can buy 223.58 BTT. The minimal amount of BTT that could be purchased was 100,000 BTT, and the maximum amount was 166,666,666 BTT.
The BitTorrent project is linked to TRON, and it serves to enhance p2p file sharing. BitTorrent aims to allow content creators to share their content on the internet straight up. The token serves as the blood of the BitTorrent ecosystem, and it will serve as an incentive to content creators to share their files more while using swift networks.
The Binance Launchpad was created by Binance to allow ICOs launch on the Binance platform. ICOs have recently been experiencing low token sales, due to the crypto bear market. The Launchpad serves as a platform to propagate quality, scam-free ICOs to the crypto space.
Binance is rated as the most popular exchange in the crypto world, and anything advertised by their platform is bound to sell due to massive user trust. We just experienced that today after observing a $7 million sellout in fifteen minutes. Yes. You heard right. $7 million in token sales completed in just 15 minutes. Did I hear someone say the ICO market was dead?
Smart Strategy by Binance Coin?
The use of the Binance Coin to purchase the BitTorrent tokens during the ICO sale was most probably a strategy to increase the trading volume of Binance’s traditional token, Binance Coin. Today, the trading volume of Binance Coin increased to 83.20 million USD from an average of 35 million USD in the past days as recorded by CoinMarketCap. Binance Coin’s market capitalization also increased to 910 million USD from an average of 800 million USD in the preceding days.
The price of Binance Coin also increased as it jumped from $6.50 to $7.05 but later backfired as traders sensing a price pump, went bearish on the token and price crashed to $6.20.
The sale of BitTorrent’s tokens should be one of the fastest in the history of ICOs (which is fast being rebranded as STOs, Security Token Offerings, due to the exit scams stigma). Binance has certainly built a platform that will be highly patronized by ICO projects in the nearest future.