Huobi Announces HT to HTX Conversion Starting Jan. 22, 2024

Conversion to HTX begins on Jan. 22, and deposits open on Jan. 20. Peer-to-peer trading starts on Feb. 2, 2024.

Last updated: January 20, 2024 4:39 PM

Published January 20, 2024 4:39 PM

Last updated: January 20, 2024 4:39 PM

Published January 20, 2024 4:39 PM

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.

Exciting News! #HTX is set to list HTX DAO $HTX and facilitate seamless conversion from $HT to $HTX. 🚀

Details:https://t.co/QU22AnLnlV pic.twitter.com/7XHTUGE5Pg
— HTX (@HTX_Global) January 20, 2024

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.