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Justin Sun’s Huobi exchange looks to convert native token to HTX

justin-sun-huobi-exchange-htx-replace-native-token
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Justin Sun’s Huobi exchange looks to convert native token to HTX

Huobi, backed by Tron founder Justin Sun, plans to convert its native token to the HTX token.

According to an official announcement, HTX stated that conversion from HT to HTX will commence on Jan. 22, 2024, while deposits for the new token are available from Jan. 20.

Also, peer-to-peer (P2P) trading services for HTX will launch on Feb. 2, 2024, at 5:00 (UTC), while the token will be listed for spot trading on the same date and time, with withdrawals commencing the next day, Feb. 3, 2024.

The crypto exchange further announced that HTX users will enjoy a 5% discount and a 25% reduction on futures and spot trading fees respectively. This incentive could serve as a way to attract more holders and boost trading volume for the platform.

Other benefits associated with the current HT token are expected to move to HTX. 

Users have until Jan. 20, 2025 to convert their HT holdings to HTX. According to the cryptocurrency exchange, HTX DAO will offer token allocations to HT holders who make the conversion. 

“HTX DAO is an open and transparent decentralized autonomous organization with the governance token of the HTX token, i.e., $HTX. As an appreciation for your years of support and contributions, HTX DAO is offering a certain token allocation for HT holders who voluntarily choose to exchange their $HT for $HTX.”

HT press release

However, the HT token did not react favorably to the announcement, with the value dipping 17% from $2.10 to $1.74. While there has been a slight recovery, the token is still down 13% at the time of writing.

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

This move elicited apprehension, as the new name is similar to the disgraced FTX exchange. Given that the FTX collapse is still fresh in investors’ memories, observers noted that the rebranding wasn’t wise.