BitTorrent Token Sells Out On Binance In 15 Minutes

- Advertisement -

Six percent of BTT, the amount allocated for the public sale, was snatched up for around $7.2 million, says Binance.

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 “token launch 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.

- Advertisement -

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.

Jeff Benson is Managing Editor of ETHNews. He’s worked as a writer and editor everywhere from Sudan to Reno. He holds a bachelor’s in politics from Willamette University and a master’s in nationalism studies from University of Edinburgh. When he’s not in the newsroom, he trots the globe and writes about it. He holds a bit of value in ETH.

- Advertisement -

Like what you read? Follow us on X @Bitnewsbot to receive the latest BitTorrent tokens, BitTorrent or other Ethereum cryptocurrencies and tokens news.



Previous Articles:

- Advertisement -

Latest News

Winklevoss Accuses JPMorgan of Retaliation Over Crypto Criticism

Gemini co-founder Tyler Winklevoss accused JPMorgan Chase of pausing the crypto exchange’s onboarding after...

Floki (FLOKI) Soars 85% in 30 Days, Eyes $0.0002 Target

Floki (FLOKI) gained over 85% in value in the last 30 days, according to...

Ether’s Social Hype Signals Caution Amid 50% Rally, Says Santiment

Social media activity linked to Ethereum (ETH) has reached levels that could indicate a...

Prosecutors Weigh Charges Against Dragonfly Over Tornado Cash Ties

U.S. prosecutors are considering charges against Dragonfly Capital over its investment in Tornado Cash’s...

Prosecutors Weigh Charges Against Dragonfly Capital Over Tornado Cash

Prosecutors in New York said they may file criminal charges against employees at Dragonfly...

Must Read

How to Buy Dedicated Hosting With Crypto

In this article I am going to show you how to buy dedicated hosting with crypto from one of the best European hosting providers...