The much anticipated BitTorrent ICO on Binance Launchpad took place today. Both the BNB and TRX sessions of the ICO ended in under 15 minutes, selling 59.4 billion BTT tokens ($7,128,000).
BitTorrent ICO Completed Successfully
The first results of Binance Launchpad – the cryptocurrency’s exclusive ICO platform, are already in.
BitTorrent, which was acquired by TRON’s Justin Sun in late 2018, had its initial coin offering completed in under 15 minutes, selling out 59.4 billion tokens,
The ICO was held in two sessions which were run in parallel. Both of them started at precisely 3:00 PM UTC on January 28th, 2018.
In the first session, users were able to purchase BTT tokens using Binance Coin (BNB). One BTT was priced at 0.00001824 BNB, meaning that 1 BNB bought 54,824.56 BTT tokens. This session ended exactly 13 minutes and 25 seconds after it had started.
In the second session, users were able to purchase BTT tokens using TRX. One BTT was valued at 0.00447261 TRX. Unlike the BNB session, however, this one had minimum and maximum limits set in place. The minimum amount users were able to buy using TRX was 100,000 BTT, while the maximum was set at 166,666,666 BTT. In any case, 1 TRX purchased a total of 223.58 BTT.
Interestingly enough, both sessions, while running in parallel, were successfully completed in less than 15 minutes.
Issues During the ICO
Some users reported certain issues experienced throughout the initial coin offering. However, the CEO of Binance – Changpeng Zhao, was quick to dismiss any worries, noting the following:
Full transparency. The issue experienced today was caused by the "user agreement confirmation" button caching/locking. Most of the stress tests focused on the buy process, this part was not covered thoroughly enough. The order of requests received was preserved.
— CZ Binance (@cz_binance) January 28, 2019
Justin Sun has initiated a free giveaway of BTT tokens to all the users who tried to buy into the ICO but failed. This was confirmed by Binance’s CEO, and the exact numbers are to be published soon.
Signs of Adoption?
In a recent interview for CryptoPotato, Cliff Edwards, Director of Global Communications at the Tron Foundation, which owns BitTorrent, the company’s move to acquire the landmark torrent company was a sign of “strategic thinking.”
Speaking on the matter, the high-ranked executive revealed that TRON is seeking to combine blockchain technology and utility tokens behind a stronger base. Supposedly, this will boost the number of people interested in the field.