BitTorrent ICO to Raise $7.2M in 18 Minutes

BitTorrent ICO to Raise $7.2M in 18 Minutes29.01.2018


BitTorrent ICO to Raise $7.2M in 18 Minutes

Yesterday, BitTorrent (BTT) crowd sale took place on the Binance Launchpad platform, which caused an unprecedented stir and ended in just 18 minutes. It was also the first large-scale ICO on the TRON platform.

The campaign was carried out in two stages: the first one lasted 13 minutes and 25 seconds, during which time 23.76 billion BTT were sold at a price of 0.00001824 BNB per unit; in the second stage, 35.64 billion BTT were sold at a price of 0.00447261 in 14 minutes 41 seconds. In just two of these sessions, 962 cryptoinvestors (340 in the BNB session and 622 in the TRON session) invested more than $ 7 million in the project.

Despite all the efforts of the organizers, the developers of the blockchain platform Tron and the Binance cryptocurrency exchange, it had technical problems.

“Both sessions ended in 18 minutes. However, if it were not for technical problems on our part, they would have ended in 18 seconds. No matter how hard we prepare, the demand still exceeded all our expectations. Even the caching process itself was overloaded”, said Binance CEO Changpeng Zhao.

And yet many failed investors were extremely unhappy. To buy BTT, someone did not sleep all night, and someone did not go to work. But in the end, most of them did not become owners of tokens. First, the buy button was not displayed on the crowd sale page, then an error appeared in Chinese. Even those few who still managed to get through and see the message “Your application is in the queue, wait,” eventually had to be left with nothing.

However, Zhao hurried to reassure everyone who was unlucky and promised that the TRON team would soon hold a “small distribution.”

Zhao explained that this situation was mostly since few investors who still managed to buy BTT tokens used the maximum available amount per customer, which for the BitTorrent campaign was $ 20,000.

In the future, Zhao promised to take measures to further avoid such incidents. For example, restrictions on the maximum amount of investment will be more conservative.

The launch of the BitTorrent Foundation token BitTorrent (BTT) in the TRON network became known in early January. A bit later, former BitTorrent lead strategist Simon Morris (Simon Morris) said that the Tron platform does not have the technical ability to cope with the volume of transactions that are needed to tokenize a popular torrent client.

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