Justin Sun’s Huobi exchange looks to convert native token

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Huobi, backed by Tron founder Justin Solar, plans to transform its native token to the HTX token.

In line with an official announcement, HTX acknowledged that conversion from HT to HTX will begin on Jan. 22, 2024, whereas deposits for the brand new token can be found from Jan. 20.

Additionally, peer-to-peer (P2P) buying and selling companies for HTX will launch on Feb. 2, 2024, at 5:00 (UTC), whereas the token might be listed for spot buying and selling on the identical date and time, with withdrawals commencing the subsequent day, Feb. 3, 2024.

The crypto alternate additional introduced that HTX customers will get pleasure from a 5% low cost and a 25% discount on futures and spot buying and selling charges respectively. This incentive may function a strategy to appeal to extra holders and enhance buying and selling quantity for the platform.

Different advantages related to the present HT token are anticipated to maneuver to HTX. 

Customers have till Jan. 20, 2025 to transform their HT holdings to HTX. In line with the cryptocurrency alternate, HTX DAO will supply token allocations to HT holders who make the conversion. 

“HTX DAO is an open and clear decentralized autonomous group with the governance token of the HTX token, i.e., $HTX. As an appreciation on your years of help and contributions, HTX DAO is providing a sure token allocation for HT holders who voluntarily select to alternate their $HT for $HTX.”

HT press launch

Nonetheless, the HT token didn’t react favorably to the announcement, with the worth dipping 17% from $2.10 to $1.74. Whereas there was a slight restoration, the token remains to be down 13% on the time of writing.

The transfer comes on the heels of Solar’s announcement of a rebranding initiative for Huobi, renaming it to HTX.

This transfer elicited apprehension, as the brand new title is just like the disgraced FTX exchange. Provided that the FTX collapse remains to be recent in buyers’ reminiscences, observers famous that the rebranding wasn’t smart.

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