The first use of an IEO by a major exchange was in January 2019, with the launch of Binance's platform Binance Launchpad. The first use of the platform was with BitTorrent Tokens (BTT) which raised $7.1 million in less than 18 minutes. Since 2019, Binance has launched 63 projects with a total of $133 million raised.[3] Binance's venture into the IEO field further invited more exchanges to offer similar services.[4]