Binance will support the BitTorrent (BTT) token migration plan. Likewise, to the name change and redenomination plan in a ratio of 1:1000.
The BTT token, in particular, was created as a joint project between Tron and the BitTorrent Foundation. The BTT token was launched in early 2019, as an attempt to tokenize the file sharing protocol.
To better understand, BitTorrent is the name of a communication protocol for sharing files between peers (P2P or peer-to-peer), used to distribute data and electronic files over the Internet.
Binance Support for BitTorrent (BTT)
Specifically, according to a publication of Binance, the BitTorrent token (BTT) will be supported, according to the following schedule:
- January 11, 2022, 02:00 (UTC). Binance suspends BTT/BUSD and BTT/USDT cross-margin lending. In addition, BTT/BUSD and BTT/USDT isolated margin lending.
- January 14, 2022, 02:00 (UTC). Binance closes all BTT margin positions.
- At 02:00 (UTC) on January 14, 2022, Binance Futures closes all BTT futures positions.
- January 14, 2022, 06:00 (UTC). Binance suspends subscription of BTT in Flexible Savings. In fact, all BTT Flexible Savings subscriptions are automatically refunded and deposited into users’ spot wallets on the same day.
- Similarly, on January 17, 2022 at 02:00 (UTC). BTT deposits and withdrawals are suspended.
- Binance removes from its lists all BTT spot trading pairs (BTT / USDT, BTT / BUSD, BTT / USDC, BTT / BNB, BTT / TRX, BTT / TUSD, BTT / TRY, BTT / EUR, BTT / BRL ) on January 17, 2022 at 04:00 (UTC).
The name change plan
- Binance will recover all the balances of the old BTT and start the distribution of the new BTT, which will change its name to BTTC.
- After the token migration, the old BTT tokens will be renamed to BTTOLD, and the new tokens’ ticker will be BTTC.
- January 21, 2022, 04:00 (UTC). Trading will be enabled for BTTC/USDT, BTTC/USDC and BTTC/TRY pairs.
- Binance will post a new announcement after the token swap is complete. And so, notify users when BTTC deposits and withdrawals will be enabled.
- From then on, users will be able to use the function Turn into. To exchange your BTTOLD tokens for BTTC tokens.
In closing, the Binance team reminds you that trading cryptocurrencies is subject to high market risk. Conduct your trading activity with caution.
At the time of writing this article, the BTT token is negotiate at $0.002605. With a market capitalization of $2,567,173,168 and an approximate volume of $14,598,324 in the last 24 hours.
I withdraw with this phrase from Jean de la Bruyere: «The motive alone constitutes the merit of actions, and selflessness gives them perfection.».