Over 59 Billion BitTorrent Tokens (BTT) worth $7.2 Million got sold out in under 15 minutes, cryptocurrency exchange Binance announced in a blog post. These tokens were sold in two different sessions: the first for those who wanted to pay using the TRX cryptocurrency token which is native to the TRON blockchain and the second for those users who are willing to pay using the BNB token, which is the native cryptocurrency of the Binance cryptocurrency exchange. 

Out of the total number of BitTorrent Tokens, 23.76 Billion BTT were sold during the BNB session, while 35.64 Billion BTT tokens were sold during the Tron (TRX) session. At the time of the sale, the price of 1 BTT was 0.00001824 BNB or 0.00447261 TRX - so basically, 1 BNB can fetch 54,824.56 BTT, while 1 TRX can fetch 223.58 BTT. In terms of USD, each of these tokens was priced in at $0.00012. 

Those taking part in this sale required to purchase a minimum of 100,000 BTT while a maximum of 166,666,666 BTT were allowed to be purchased. This was the first ever token from BitTorrent, a company which has been around for seventeen years. BitTorrent was acquired by Tron last year - following which it has been in news in the cryptocurrency ecosystem. The Binance blog post introduces the BTT token as follows:

BitTorrent is a TRON-affiliated blockchain project for peer-to-peer file sharing, empowering a new generation of content creators with the tools to distribute their content directly to others on the web. BitTorrent’s new BTT token will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods. BitTorrent currently has 100 million monthly active users (MAU) across 138 countries.

Tron CEO Justin Sun notified via a Tweet that 23.76 billion BTT which were sold via the Binance platform got sold out in 13 Minutes and 25 seconds - while the 35.64 billion BTT on sale via TRX were sold in 14 minutes and 41 seconds. 

The BTT tokens which could be purchased using Binance’s BNB tokens were being sold on the Binance Launchpad platform. Binance Launchpad is Binance’s token-launch platform which has been around for some time now. This platform can be accessed by members of all countries except the following: 

Afghanistan, Albania, Belarus, Bosnia & Herzegovina, Burundi, Central African Republic, Cote d’Ivoire, Cuba, Democratic Republic of the Congo, Ethiopia,Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Liberia, Libya, Mainland China, Myanmar (Burma), North Korea, Republic of Macedonia (FYROM), Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Thailand, Trinidad & Tobago, Tunisia, Uganda, Ukraine, United States of America (USA), Venezuela, Yemen, and Zimbabwe.

Rumours of BitTorrent’s acquisition by Tron were making rounds for quite some time - particularly picking pace in June of 2018. However, the company made it official in July 2018. Following the Tron acquisition, there was quite some unrest in the company as BitTorrent employees were unhappy with the new management and many of them even left the company. The BTT token is the first major step that Tron has taken since the acquisition of BitTorrent.

Stay tuned with us at Cryptoground for more updates from the world of cryptocurrencies and the blockchain technology.