Coinbase Opts Out of $7.5B Token Merger Involving the Artificial Superintelligence Alliance (ASI)

The decision means Coinbase users will not have their tokens automatically converted during the migration process.

Major cryptocurrency exchange Coinbase has announced that it will not be participating in the upcoming $7.5 billion token merger involving the Artificial Superintelligence Alliance (ASI), which includes the AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.

The decision by Coinbase will affect its users who hold tokens that are merging as part of the ASI alliance. Specifically, Coinbase users will not have their tokens automatically converted during the migration process.

The AI tokens Ocean (OCEAN) and Fetch.ai (FET) are set to merge in July to launch ASI tokens. The migration plan includes initially converting OCEAN into FET on July 1, followed by the merger of FET tokens into ASI later in the month.

Crypto service providers participating in the migration will automatically convert users’ token holdings on the designated dates. However, Coinbase stated, “Coinbase will not execute the migration of these assets on behalf of users.”

Instead, Coinbase will continue to allow FET and OCEAN trades until further notice and has provided users with an alternative method to claim their pre-merger tokens. Users can migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet, as the ASI token merger will be compatible with all major software wallets.

During the initial merger announcement in March, it was revealed that users could swap FET tokens for ASI at a 1:1 rate. Fetch.ai assured users that those holding OCEAN and AGIX tokens on exchanges would not need to take any action, as the exchanges would handle the conversion to ASI tokens. Users will no longer see OCEAN or AGIX on exchanges, but their tokens will be represented by the ASI symbol.

The Superintelligence Alliance develops blockchain-based decentralized AI protocols free from control by centralized entities or large stakeholders. Following the announcement of the merger with Ocean Protocol, both FET and AGIX saw a market rally, surging over 30% on June 20 after a three-month downtrend. This increase in value was attributed to the planned formation of the largest decentralized AI ecosystem.

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