Binance Completes BitTorrent Token Sale amid Fervent Demand

The BTT token sale generated extraordinary demand despite the exclusion of US-based buyers.

The sale of BitTorrent Tokens (BTT) on Binance was completed almost immediately due to overwhelming demand. BTT, which is a classic utility token, was out of limits for US buyers on concerns that it may also be considered an unregistered security. However, the two sessions for buyers with Binance Coin (BNB) and TRON (TRX) quickly sold out through the Binance Launchpad platform.

“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,” the exchange noted.

Binance CEO Changpeng Zhao pointed out the demand meant the token sale was somewhat overwhelming for the exchange but deemed the event a success. View his comment on Twitter.

BitTorrent, a widely used file-sharing service, was acquired by TRON in the summer of 2018. BTT will work as an optional tool in the BitTorrent system to incentivize good file-sharing practices. BitTorrent will expose more than 100 million active users in 138 countries to the token, Binance pointed out.

In the coming years, Binance will also participate in the initial BTT airdrop, as well as monthly airdrops for TRON holders, until the larger part of the total supply is distributed. It is yet unknown when BTT trading and price-setting will start on the open market. In the current sale, 1 TRX ($0.026) buys 223.58 BTT.

Following the news of the successful sale, TRX prices remained virtually unchanged, hovering around $0.026.

The enthusiasm around BTT shows there is still demand for new digital assets, which could establish themselves with a solid use case. The interest in a TRON-based token also points to the growth of the project’s ecosystem. TRON now boasts more than 1.5 million accounts and an increasing number of distributed apps.

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