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Binance Receives Over 1 Billion BTT In Single Transfer

Binance Will Resume Deposits & Withdrawals on Tuesday after Upgrades

The acquisition of BitTorrent (BTT) by Tron put BTT on the map as one of the most important blockchain protocols and it generated a lot of interest in the service.

On the 4th of July, a transfer of 1.6 billion BTT tokens was executed from an unknown user to a wallet on Binance. The BTT tokens transferred are worth just over $2 million USD at the time of the writing of this article. According to Whale Alert, the user who made the transfer was left with a zero balance in their account.

The recipient of the BTT tokens has an impressive amount of different tokens in their wallet. The 1.6 billion BTT they received brought their total of BTT they own to 39.11 billion. They also have 280 million TRX tokens in their crypto wallet, 40 trillion TESTTWO tokens and 1 billion TronKeys among a host of other cryptocurrencies. The recipient is clearly well versed in crypto trading.

BTT is currently ranked number 36 by CoinMarketCap and the tokens have a market cap of about $273 million. The market cap has gone down by about 2% in the past 24 hours. BTT is trading at $0.001288 after it went down by the 2% indicated above. The cryptocurrency fosters faster downloads speeds on the decentralized application. The tokens are available for bidding on exchange for faster download speeds for users of the application.

The Origins Of BTT and The Future Of The Cryptocurrency

BitTorrent Token (BTT) was brought into existence earlier this year after a successful collaboration between BitTorrent and Tron. The purpose of it was to tokenize the file-sharing protocol of BitTorrent which gives users of Tron added bandwidth and faster content delivery on the blockchain.

The token is a TRC-10 digital asset which is based on the Tron network. Since its inception, the token has gained popularity in the crypto world and it is currently traded on about 36 exchanges and wallets. With the potential that BitTorrent itself has always had, it is easy to imagine that BTT will soon become one of the most popular cryptocurrencies. As the cryptocurrency grows, more people will be looking to not only buy it but they’ll also look to buy Tron (TRX).

BitTorrent aims to introduce three incentives to promote the further adoption of the BTT. The incentives have been named Partner incentives, User incentives and Ecosystem incentives. Through these incentives, BitTorrent hopes that they will achieve the development of BTT’s ecosystem, broaden its use cases and promote the advancement of BTT powered projects. The incentives will also aim to connect products used on a daily basis by ordinary people with the powerful technology produced by BitTorrent.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.