Binance Launchpad, Binance’s token launch platform, conducted an ICO of the TRT BitTorrent (BTT) tokens on January 28, with the tokens sold out in less than 15 minutes. Almost 60 billion tokens were sold for a total of $ 7 million. According to the CEO of Binance, the “demand to sell has been astronomical”.
BitTorrent token sale completed
Despite the ongoing cryptocurrency bear market, a newly launched token (BTT) was able to beat expectations. The sale was announced on January 18th. Binance announced that TRON’s tokens will be offered exclusively on the Binance Launchpad.
According to an official blog post by the company, the token sale was conducted in two sessions at the same time: one for purchases with Binance Coin (BNB) and one for purchases with TRON (TRX), both of which sold out quickly.
Data showed that the Binance Coin (BNB) session lasted 13 minutes and sold 23.8 billion BitTorrent tokens, while the TRON session ended in just over 14 minutes and sold 35.6 billion BTT.
BitTorrent tokens were offered at the point of sale at a price of 0.00001824 BNB or 0.00447261 TRX, which was about $ 0.000115. The minimum amount to purchase BTT was 100,000 ($ 11 USD).
Problems arise in the midst of enthusiasm
Based on the trading prices at the time of sale, the company sold over $ 7 million worth of tokens in less than 15 minutes. The enthusiasm for token sales has made BitTorrent’s ICO the most successful offer of the year to date.
However, the ICO’s incredible popularity has created a number of issues that have prevented many users from purchasing the coins. Changpeng Zhao, or CZ, the CEO of Binance, took to Twitter to explain that Binance was experiencing technical issues.
Full transparency. The problem you encountered today was caused by the caching / locking of the “Confirm User Agreement” button. Most of the stress tests focused on the buying process, that part was not covered in enough depth. The order of the inquiries received was retained.
– CZ Binance (@cz_binance) January 28, 2019
Despite CZ’s quick response, dozens of users have criticized the process, saying they couldn’t buy tokens. Some users suspected foul play, indicating that the sell-off started with more than 28 percent of the tokens already sold. Many believe the company tampered with the data and called the entire sale a “fraud”. It remains to be seen whether the critical comments will affect companies.
Justin Sun, the CEO of TRON, said he will be looking into the possibility of the air drop. Changpeng Zhao later confirmed the BitTorrent token airdrop for those who were unable to buy the tokens during the official sale.
Due to the overwhelming demands, the Tron team generously agreed to make a small drop of air for people who tried to place orders but were unsuccessful in purchasing. Exact figures will be published shortly.
– CZ Binance (@cz_binance) January 28, 2019
Overall, the successful token sale serves as a moral booster for the crypto community, which has not seen a strong ICO for months. The successful token sale shows that a well orchestrated ICO can continue to successfully raise funds.
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