Crypto exchange Huobi, backed by Tron founder Justin Sun, plans to convert its native token, HT, to HTX. The conversion starts on Jan. 22, 2024, with deposits available from Jan. 20.
HTX offers users a 5% discount and a 25% reduction on trading fees, aiming to attract more holders. P2P trading for HTX launches on Feb. 2, 2024, at 5:00 (UTC), with spot trading following the same date.
Withdrawals begin on Feb. 3, 2024. HTX users can enjoy benefits from the current HT token. The move caused HT’s value to dip 17% from $2.10 to $1.74, with a 13% recovery. Users have until Jan. 20, 2025, to convert their HT to HTX, and HTX DAO offers token allocations for conversions.
The planned conversion of Huobi’s native token to HTX, coupled with the market reaction, raises concerns about investor confidence in the crypto exchange’s strategic decisions.
Also Read: Huobi Korea Ceases Operations Due to Business Challenges
