IP Token Upgrade and Conversion to DATA

Crypto exchange BTSE has temporarily disabled deposits and spot trading for the IP token ahead of an upcoming upgrade that will convert the asset to DATA on its platform. The exchange said the service change is needed to support IP's planned migration and rebranding.

According to the announcement, withdrawals for IP remain available during the transition. All open orders across IP trading pairs have been automatically cancelled. BTSE did not specify the exact timing of the conversion, saying the full schedule and resumption details will be shared in a follow-up announcement once confirmed.

BTSE stressed that customer funds are fully secure and that no action is required from users. IP balances held in user spot wallets will be converted to DATA at a 1:1 ratio at a later date, meaning each IP token held in a spot wallet will be replaced by one DATA token. Neither the exact conversion date nor the resumption of trading has been set yet.

The token shift is part of a rebranding effort by the Data Foundation team behind IP. BTSE pointed users to the Data Foundation for more details on the rebrand, while exchange customers are expected to receive a further service notice covering conversion and trading resumption details.

Until then, spot trading and deposits for IP remain unavailable, and any open orders in the affected pairs have already been removed. The exchange said the temporary suspension is intended to ensure a smooth transition to DATA.