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Huobi, backed by Tron founder Justin Sun, plans to convert its native token to the HTX token.
According to an <a href="https://www.htx.com.kz/support/en-us/detail/104958763476521" target="_blank" rel="noopener noreferrer nofollow">official announcement</a>, 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&nbsp;next day, Feb. 3, 2024.
You might also like: <a href="http://Justin Sun backed crypto exchange unveils new DAO with HTX token used for governing" target="_blank" rel="noopener noreferrer nofollow"> Justin Sun backed crypto exchange unveils new DAO with HTX token used for governing </a>
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.&nbsp;
Meanwhile, 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.&nbsp;
<blockquote class="wp-block-quote">
 “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.” <cite>HT press release </cite>
</blockquote>
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.
In June, <a href="https://crypto.news/tag/justin-sun/" rel="noopener noreferrer nofollow">Justin Sun</a> unveiled a new project that piqued the interest of crypto investors looking for high yields. Dubbed stUSDT, the project promised a compelling 5% return on low-risk securities such as government bonds.
Within a mere two and a half months, <a href="https://crypto.news/justin-sun-makes-huge-moves-amid-insolvency-allegations/" rel="noopener noreferrer nofollow">stUSDT</a> amassed a staggering $1.8 billion in investments, showcasing its meteoric rise and its immediate impact on the market. However, the rapid success of the project has generated <a href="https://www.bloomberg.com/news/articles/2023-09-19/how-justin-sun-affiliated-crypto-project-stusdt-affects-huobi-reserves-ht?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;utm_content=crypto#xj4y7vzkg" target="_blank" rel="noopener noreferrer nofollow">substantial controversy</a>, particularly around its effect on Huobi.
Read more: <a href="https://crypto.news/tron-founder-justin-sun-addresses-un-concerns-on-usdt/" rel="noopener noreferrer nofollow"> Tron founder Justin Sun addresses UN concerns on USDT </a>

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

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