The BitTorrent token (BTT) sale on the Binance launchpad platform concluded today January. 28, netting $7.1 million bucks with the sale of 50 billion tokens in under 15 minutes. Binance declared the conclusion of the sale in an official blog post.

BitTorrent is a protocol for peer-to-peer file sharing, permitting users to distribute files like music or videos over the net.

BTT relies on a Tron TRC-10 token, and can be used on the platform to “transact in computing resources shared between BitTorrent purchasers and the other taking part service requesters and repair suppliers.”

The BitTorrent tokens were sold in 2 simultaneous sessions on Binance launchpad, one for consumers using Binance’s native token, Binance Coin (BNB), and the other for buyers using Tron (TRX). every token was priced at $0.00012 as per the sales data posted on the Binance web site.

According to a tweet from Tron chief executive officer and founder Justin Sun, “It is official: in the BNB session, all 23.76 billion BTT were sold to token sale participants inside 13 minutes and 25 seconds. Meanwhile, within the Tron session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds.”

Binance chief executive officer and founder Changpeng Zhao said that the sale would have terminated much sooner, had technical problems not surfaced on the launchpad web site. At around 3:20 UTC Zhao tweeted that “Both sessions concluded. Took about 18 minutes, because of a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”

BitTorrent Speed, the system which will integrate the Tron-based BTT token into the popular µTorrent Windows consumer, can supposedly launch by summer.

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