Coinbase Opts Out of AI Token Migration

Coinbase Opts Out of AI Token Migration

Coinbase has announced its decision not to support the upcoming migration of the Artificial Superintelligence Alliance (ASI) for its users. This migration, involving a $7.5 billion token merger among AI protocols SingularityNet, Fetch.ai, and Ocean Protocol, is set to transform the landscape of AI tokens.

Scheduled for July, the merger will see AI tokens Ocean (OCEAN) and Fetch.ai (FET) combined to launch ASI tokens. Initially, OCEAN tokens will be migrated into FET on July 1, with the resultant FET tokens subsequently merging into ASI later in the month.

Crypto service providers participating in this process will automatically convert users’ token holdings on the specified dates. However, Coinbase has chosen not to participate in this migration, stating, “Coinbase will not execute the migration of these assets on behalf of users.”

Workaround for Claiming Pre-Merger Tokens

Despite opting out, Coinbase will continue to support FET and OCEAN trades until further notice. The exchange has provided a workaround for users to manage their token migration independently:

“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.”

Plan for a Seamless Migration

During the initial merger announcement in March, it was stated that users could swap FET tokens for ASI at a 1:1 ratio. According to Fetch.ai:

“If you have $OCEAN and $AGIX tokens on an exchange, no action is needed. We will work with each exchange to ensure a smooth conversion, and your holdings will automatically be converted to $ASI tokens directly by the exchange. You won’t see $OCEAN or $AGIX on the exchange — but don’t panic! Your tokens are there, just look for the $ASI symbol.”

The new Superintelligence Alliance aims to develop decentralized AI protocols on the blockchain, free from control by centralized parties or large stakeholders.

In terms of market performance, both FET and AGIX saw a significant rally of over 30% on June 20, following a three-month downtrend. This surge in value is attributed to the announced merger with Ocean Protocol, which aims to create the largest decentralized AI ecosystem.