BitTorrent token sale nets $7.1m

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BitTorrent, a protocol for peer-to-peer file sharing that allows users to distribute music or videos files over the Internet has had a hugely successful token sale.

The BitTorrent token (BTT) was up for sale on the Binance Launchpad platform. Some 50 billion tokens were sold in less than 15 minutes, netting the firm $7.1 million.

BTT is based on the Tron TRC-10 token and the platform’s users will be able to use it to “transact in computing resources shared between BitTorrent clients and any other participating service requesters and service providers.”

The BTT sale took place over two simultaneous sessions on Binance Launchpad: one session was for buyers using Binance’s native token, Binance Coin (BNB), and the other for buyers using Tron (TRX).

Justin Sun, Tron founder and CEO tweeted: “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.”

Binance also made an announcement saying that the sale might have neded sooner if there hadn’t been some technical issues with the Launchpad platform. Binance CEO, Changpeng Zhao tweet: “Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”

BitTorrent users will see the BitTorrent Speed system, which will use the BTT token, integrate with the µTorrent Windows client by summer the company says.

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