BitTorrent Raises $7.2 Million During Crowdsale
The funding round of BitTorrent, during which it managed to sale about 60 billion BTT coins and raise $7.2 million, took place on Binance Launchpad, a platform created to organize ICOs, according to a press release.
The crowdsale caused an unprecedented stir among investors. As a result of an enormous influx of those wishing to participate, technical difficulties arose, and the entire campaign lasted 18 minutes, although it was initially planned to complete it in 18 seconds, Changpeng Zhao, CEO of Binance, stated on Twitter.
Two sessions were held as part of the crowdsale. During the first one, investors bought BTT for the TRON cryptocurrency, during the other — BTT was purchased for BNB. The organizers sold 35.64 billion BTT during the first session, which took about 15 minutes. The session with BNB took more than 13 minutes, 23.76 billion BTT coins were sold.
About a thousand crypto investors participated in the financing, while many were not able to acquire the BTT tokens due to technical problems. Increased demand led to the situation that the system showed incorrect information or errors. Some members of the crowdsale waited a long time for their turn, and then they received a notification that the session was over.
The chief of Binance has already announced that the crowdsale will not repeat. At the same time, Justin Sun, the head of Tron, stated that he was considering holding a BTT airdrop for investors who could not participate in the campaign.
Earlier, BitTorrent launched its own cryptocurrency on the TRON blockchain.