- Coinbase opts out of ASI’s $7.5B AI token merger, requiring users to self-manage migrations.
- AI tokens FET and AGIX spiked over 30% post-ASIP merger announcement.
- ASI aims to establish the largest decentralised AI ecosystem, merging FET, OCEAN, and AGIX.
In a surprising move, Coinbase has announced its decision to abstain from supporting the upcoming migration of the Artificial Superintelligence Alliance (ASI). This migration, set to commence in July, involves a monumental $7.5 billion token merger among AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.
Coinbase’s Stand Against Migration
Coinbase users will not benefit from the automated token conversion process planned for the merger. Instead, the exchange will maintain regular trading operations for AI tokens Fetch.ai (FET) and Ocean (OCEAN) until further notice.
Users seeking to migrate their tokens to ASI post-merger will need to use self-custodial wallets, such as Coinbase Wallet, ensuring compatibility with all major software wallets.
Prepare for a smooth transition to a new system
In the initial merger announcement in March, it was disclosed that users could exchange FET tokens for ASI at a 1:1 ratio. As stated by Fetch.ai:
There is no need to take any action if you have $OCEAN and $AGIX tokens on an exchange. We will collaborate with each exchange to guarantee a seamless transition and your assets will be automatically changed to $ASI tokens by the exchange. Do not worry if $OCEAN or $AGIX are not visible on the exchange. Simply search for the $ASI symbol to find your tokens.
AI Tokens Surge Following Merger Announcement
The Superintelligence Alliance novel will aim to create decentralised AI protocols based on blockchain technology, free from control by centralised entities or major stakeholders.
In relation to market performance, both FET and AGIX surged over 30% on June 20 following a three-month decline. The increase in the AI tokens’ worth was credited to their merger announcement with Ocean Protocol, with the goal of creating the biggest decentralised AI ecosystem.
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