On January 28, BitTorrent tokens were sold on Binance's Launchpad platform. According to a blog post on the exchange's website, they sold 50 billion tokens in less than 15 minutes, and the proceeds of the sales amounted to a little more $7 million. BitTorrent is a popular peer-to-peer file sharing service that lets people transfer things such as large data archives and video. Users can utilize the token, which is called BTT and based upon a token called Tron TRC-10, to "transact in computing resources shared between BitTorrent clients and any other participating service requesters and service providers." The 50 billion tokens were sold during a pair of simultaneous sessions on Launchpad. The first session let holders of the Binance Coin, which is the exchange's native token, purchase BTTs. The second session let holders of Tron buy the tokens. In both sessions the price of a single BTT was set at $0.00012. Justin Sun, who is the founder and CEO of Tron, tweeted about the sales. He said that in the session where participants purchased BTTs with Binance Coins nearly 24 billion tokens were sold in under 13 minutes and 30 seconds. He added that in the Tron session almost 36 billion tokens were sold in less than 15 minutes. Making these numbers even more incredible was the fact that people in many countries were excluded from the sales, including those in the United States and China. Changpeng Zhao, who is the founder and CEO of Binance, also commented on the sales. He said that the sales of the tokens could have actually been completed in far less time if it were not for a number of what he called technical issues relating to the Launchpad platform. He went on to say that, if it were not for these issues, the sales could have been completed in a matter of seconds, as the demand for the tokens was astronomical. This summer, Tron is scheduled to launch a system called BitTorrent Speed, which will let users of the µTorrent Windows client utilize BTTs.
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