Despite Coinbase’s decision, users can still migrate their AI tokens using self-custodial wallets to participate in the $7.5 billion merger.
Coinbase opts out of ASI token migration amid $7.5B merger
Coinbase has decided not to support the upcoming migration of the Artificial Superintelligence Alliance (ASI) tokens for its users. This migration involves a $7.5 billion merger of the AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.
Source: Coinbase Assets
The plan is to initially migrate Ocean (OCEAN) into Fetch.ai (FET) on July 1. Later in the month, the resultant FET tokens will merge into ASI tokens.
Although some crypto service providers will automatically convert users’ token holdings on the designated day, Coinbase has announced that it will not facilitate this migration for its users.
Workaround for claiming pre-merger tokens
Coinbase will continue to allow trading of FET and OCEAN tokens as usual and has provided a workaround for users. Once the migration begins, users can migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.
Plan for a seamless migration
According to Fetch.ai, users will be able to swap FET tokens for ASI at a rate of 1:1. If users have OCEAN and AGIX tokens on an exchange, no action is needed as exchanges will work to ensure a smooth conversion, automatically converting holdings to ASI tokens.
The Superintelligence Alliance aims to develop blockchain-based decentralized AI protocols that cannot be controlled by centralized parties or large stakeholders. Both FET and AGIX tokens saw a rally of over 30% on June 20 after the announcement of their merger with Ocean Protocol, which aims to create the largest decentralized AI ecosystem.
