Coinbase opts out of ASI token migration as $7.5B merger proceeds

Coinbase has chosen not to support the upcoming migration of the Artificial Superintelligence Alliance (ASI) for its users. This migration involves a $7.5 billion token merger between the AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.

AI tokens Ocean (OCEAN) and Fetch.ai (FET) are slated to merge in July and launch ASI tokens. The plan is to initially migrate OCEAN into FET on July 1. Later in the month, the resultant FET tokens will merge into ASI.

Source: Coinbase Assets

Crypto service providers supporting this mechanism will automatically convert users’ token holdings on the designated day. However, Coinbase has opted out of this migration, stating, “Coinbase will not execute the migration of these assets on behalf of users.”

Workaround for claiming pre-merger tokens

Instead, Coinbase will allow FET and OCEAN trades as usual until further notice and shared 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.”

Plan for a seamless migration

During the initial merger announcement in March, it was revealed that users would be able to swap FET tokens for ASI at a rate of 1:1. 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 novel Superintelligence Alliance will share the common goal of developing blockchain-based decentralized AI protocols that cannot be controlled by centralized parties or large stakeholders.

In terms of market performance, both FET and AGIX rallied over 30% on June 20 after recording a three-month downtrend.

The surge in the value of the AI tokens was attributed to their announced merger with Ocean Protocol, aimed at forming the largest decentralized AI ecosystem.

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