Coinbase has decided not to support the upcoming migration of the Artificial Superintelligence Alliance (ASI) for its users.
This migration, worth $7.5 billion, involves a token merger between AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.
AI tokens Ocean (OCEAN) and Fetch.ai (FET) are scheduled to merge in July, leading to the launch of ASI tokens.
Initially, OCEAN will migrate into FET on July 1, and later in the month, the merged FET tokens will convert into ASI.
Crypto service providers that support this mechanism will automatically convert users’ token holdings on the designated day.
However, Coinbase has chosen not to participate in this migration.
“According to their statement, “Coinbase will not execute the migration of these assets on behalf of users.”
Despite opting out of the migration, Coinbase will continue to allow trading of FET and OCEAN as usual until further notice.
They have also 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.
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“The ASI token merger will be compatible with all major software wallets.”
During the initial merger announcement in March, it was clarified that users could swap FET tokens for ASI at a 1:1 rate. Fetch.ai explained:
“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 blockchain-based decentralized AI protocols that cannot be controlled by centralized parties or large stakeholders.
Regarding market performance, both FET and AGIX surged over 30% on June 20 after a three-month downtrend.
The increase in AI token value was linked to their announced merger with Ocean Protocol, which aims to form the largest decentralized AI ecosystem.
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