Binance’s BitTorrent Token Sale Finishes Successfully in Under 15 Minutes
- Close to 60 billion BitTorrent tokens (BTT), worth over $7 million, were sold on the Binance Launchpad platform in under 15 minutes on Jan. 28, despite a system issue.
- The minimum purchase amount for the sales was 100,000 BTT, while the maximum was set at 166,666,666 BTT.
Close to 60 billion BitTorrent tokens (BTT), worth over $7 million, were sold on the Binance Launchpad platform in under 15 minutes on Jan. 28, despite a system issue. The conclusion of the sale was announced in an official Binance blog post.
The BitTorrent token sale started at 3:00 UTC, and two separate sale sessions were opened. The first was for the native Binance token, Binance Coin (BNB), with a cap set at 23.76 billion BTT. The second was for the native Tron token (TRX), with a cap set at 35.64 billion BTT. The tokens were priced at $0.00012 according to sales information posted on the Binance website.
The minimum purchase amount for the sales was 100,000 BTT, while the maximum was set at 166,666,666 BTT. Both sales were scheduled to end either at 10:00 UTC on February 3, or when the hard cap for the sale was reached. The CEO and founder of Tron, Justin Sun, tweeted about the sale:
According to Changpeng Zhao, the Binance CEO and founder, the sale would have ended quicker had it not been for a technical issue surfacing on the Launchpad website. He tweeted:
BitTorrent, a p2p file sharing protocol with 17 years of history, was acquired by Tron last year. The BitTorrent token is based on a Tron TRC-10 token, and according to its white paper will act as a general purpose mechanism for “transacting in computing resources shared between BitTorrent clients and any other participating service requesters and service providers”.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.