BitTorrent Token (BTT) Sale by Tron Was Sold Out In Minutes, Binance CEO says Demand was Astronomical
BitTorrent has recently decided to make its TRC-10 token sale using the Binance Launchpad platform. The company had a very successful token offering, even when you compare it to the highest standards of the crypto industry.
At the sale, the company accepted both Tron (TRX) and Binance (BNB) tokens. According to Changpeng Zhao, the founder and public face of Binance, the whole thing was over in about 18 minutes and that was because of “system issues” because the tokens would be sold out in less than a minute without them. There was simply a crazy demand for the tokens.
The sale got around $4.1 million from TRX tokens and $2.7 million USD from Binance tokens, making a total of almost $7 million USD from selling 159 million TRX and 433 thousand BNB tokens. Before that, the company was able to raise over $20 million USD during a private sale.
About 10% of the total hard cap of 89 billion BTT tokens were sold by the value of almost $27 million USD. At the moment, the whole project is valued to be worth $300 million USD.
The demand for the tokens was so high that many countries got out of the sale because they had to pass anti-money laundering (AML) and Know Your Customer (KYC) procedures before investing, so they were not able to still get tokens during the sale.
Some of the most important countries that were basically unable to participate in the sale were China, Thailand, the United States, Venezuela and several countries from Africa. Only Europe, Hong Kong, Japan, Russia, Singapore and some countries in Asia and Latin America were able to participate.
Most of the countries that were excluded from the sale had to be out because their legislation required AML and KYC procedures for token offerings above a certain threshold. For the United States, for instance, the ICO has to sell less than $1 million USD in tokens.
About the BTT Tokens
BTT tokens, unlike some tokens that were created via Initial Coin Offerings (ICOs) like this one, do not grant any kind of sharing rights with the holders, possibly a strategy that was decided in order not to be labelled as a security token for regulators like the U. S. Securities and Exchange Commission (SEC).
Initially, these tokens will serve as a utility to be used on BitTorrent to request upstream bandwidth and to get additional capabilities while using the system for streaming.
The company has already published a plan to increase the circulating supply of the token gradually and increase it slowly until 2022 via many different methods, which include the sale of tokens, airdrops and partnerships.