HTX has announced that it will support the rebranding of SwissBorg tokens. The tokens are being rebranded from CHSB to BORG. For this, HTX has made some arrangements, including, but not limited to, suspending withdrawals and deposits of CHSB, effective 06:00 UTC on October 16, 2023. Needless to say, trading of the said token will also be ineffective at the same time on the same date. Service will resume for BORG after an official announcement.
Snapshots of users’ positions will be taken on October 16, 2023, at 16:00. This will happen after all pending orders have been canceled. CHSB will be converted into BORG on a 1:1 basis. Cancellation of pending orders pertains to the pair of CHSB and USDT. HTX will also disable spot trading pairs on October 16, 2023, at 06:00 UTC.
The effect of the announcement is evident on the token. It has been down by 9.92% in the last 24 hours. CHSB was last seen being traded at $0.193357. This is, however, a rise of 9.18% in the last 7 days. There is a chance that the slip is a direct result of exchange platforms temporarily halting the trading services of the token. When services resume, the SwissBorg forecast is estimated to inch closer to $0.23 by the end of this year. A positive performance like this could maintain a similar trend in the next year.
Rebranding CHSB to BORG occurs when the Polygon ecosystem attempts to migrate MATIC tokens to POL tokens in 1:1.
HTX is supporting the rebranding of CHSB to BORG by temporarily suspending all the key services and pending orders related to the token on October 16, 2023, at 06:00 UTC. Commencement, or resumption, of services with BORG, will be announced later with an official post by the exchange platform.