Coinbase has decided not to support the upcoming migration of Artificial Superintelligence Alliance (ASI) tokens for its users. This migration involves a $7.5 billion merger among AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.
The merger plans entail merging Ocean (OCEAN) and Fetch.ai (FET) tokens into ASI tokens, with OCEAN transitioning into FET on July 1 and subsequently merging into ASI later in the month.
While many crypto service providers will automatically convert users’ token holdings on the designated day, Coinbase has chosen not to facilitate this process directly. They stated, “Coinbase will not execute the migration of these assets on behalf of users.”
Instead, Coinbase will continue to support trading of FET and OCEAN tokens as usual and has provided a workaround for users: “Once the migration has launched, users will be able to 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.”
During the initial merger announcement, it was clarified that users could swap FET tokens for ASI at a 1:1 ratio. The goal of the ASI initiative is to develop decentralized AI protocols on the blockchain, aiming to avoid control by centralized entities or major stakeholders.
Following the merger news in March, both FET and AGIX tokens saw significant market gains, rallying over 30% on June 20 after a three-month decline. This surge in AI token values reflects investor optimism about creating the largest decentralized AI ecosystem through the ASI merger with Ocean Protocol.
