Binance, a Malta-based cryptocurrency exchange announced on January 28 that the token sale of BitTorrent (BTT) had been successfully completed. Based on the data provided by the exchange, there were two sessions for sale. However, each was completed under 15 minutes, and over $7 million was raised.
Binance Organizes Token sale on Binance Launch Pad
According to the blog post, the sale of BitTorrent took place on the token launch platform, Binance Launch Pad. This was a sale that was divided into two sessions where a user could opt to buy the digital asset with BNB, Binance’s native token, or TRON cryptocurrency.
In the same vein, the minimum and maximum amount of BitTorrent that could be purchased were 100,000 BTT and 166,666,666 BTT respectively. Despite this purchase limit, there was a high demand for the BTT token given that either session ended under fifteen minutes.
BNB and TRX sessions End in 13 minutes and 14 minutes Respectively
Reportedly, the BNB session ended in 13 minutes, 25 seconds and 23.76 billion BTT tokens which were made available, were purchased. The TRON session, on the other hand, ended in 14 minutes, 41 seconds and a total of 35.64 billion BTT were sold. Moreover, 1 BTT could be purchased for about 0.00001824 BNB or 0.00447261 TRX, states the report.
Justin Sun, Tron’s CEO also confirmed the completion of the token sale in a Tweet on January 28. He added that there was a system issue while the sale was on, which made it take a longer time. In his own words: “Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”
BitTorrent Token Based on Tron Blockchain
BitTorrent, the token in question, is based on the Tron Blockchain. According to the Malta-based exchange, it allows peer-to-peer file sharing where users can share content such as music and videos on the internet. Moreover, it will allow the 100 million monthly active users on BitTorrent to share files easily and faster.
A closer look at Binance Launch Pad shows that this is not the first token to be traded on it. Others like GIFTO and BREAD tokens were also sold. However, the duo’s token sale was held in 2017, and it appears that this is the first which the exchange has held over a year.
While an exchange like this is thriving, Cryptopia, on the other hand, has some hard nuts to crack. BTCNN on January 15 reported of a hack on the exchange which the New Zealand Police had to intervene. Despite this, another attack was reported on January 28 which at this point makes the security of the exchange questionable.