Cryptocurrency exchange, Binance has announced a token sale for BitTorrent (BTT). Starting 28th of January, Binance LaunchPad will serve as host for the upcoming token sale. The announcement was posted on the company’s website on January 17.
The platform’s announcement read, “Binance Launchpad will commence the BitTorrent (BTT) token sale at 2019/01/28 3:00 PM (UTC). There will be two simultaneous token sale sessions, accepting BNB and TRX respectively.”
Binance Launchpad is a platform for raising funds through token sales. The BTT token sale will allow a total supply of 990 billion tokens. With a total of 59 billion tokens allocated for the supply, the tokens are said to be distributed in seperate sessions for Binance Coin (BNB) and TRX buyers.
In the BNB session, 23.76 billion BTT will be available, whereas for the TRX session 34.56 billion tokens are allocated. For users to take part in the sale, it is mandatory to complete the account verification process. Binance has also barred users of some countries from participating in the BTT token sale.
The first phase having around 10% of BTT tokens will be airdropped to the holders of Tron (TRX), which will commence from February 11 of this year and go on until 2025.
BitTorrent on its Medium blog post wrote:
“If you are holding TRX, you will be eligible for BTT airdrops. All official wallets relaying on TRON’s network and carrying TRX will be eligible for BTT airdrops corresponding to the amount they are holding. No minimum of TRX is required to qualify for BTT airdrops.”
The purpose of BTT Token is to speed up the process of downloads utilizing the BitTorrent client, ensuring the continuance of decentralized internet.
With the launch of BTT Token, there is a start of tokenization on the TRON platform, which allows several other projects to create digital assets. TRON will be facilitating in the creation of crypto tokens on its platform; however, the number is on a lower side.
At TRON’s recently held niTROn summit in San Francisco, it emphasized heavily on BitTorrent token sale. Basketball star Kobe Bryant was one among the celebrities to attended the event; his presence at the summit was called a success.
TRX is currently the fourth largest cryptocurrency in 2019. And the cryptocurrency, as of now, ranks ninth with a market cap of $1.6 billion.