Coinbase Opts Out of Migration
Coinbase has announced it will not support the upcoming migration of the Artificial Superintelligence Alliance (ASI) tokens, despite the significant $7.5 billion token merger involving AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.
The merger, set to occur in July, will see the transformation of Ocean (OCEAN) and Fetch.ai (FET) tokens into ASI tokens. Coinbase users will not experience automatic migration of these assets through the platform.
Self-Custodial Wallets for Token Migration
In its official statement, Coinbase Assets emphasized that while it will not facilitate the migration, users can still trade FET and OCEAN tokens as usual until further notice.
For those wanting to participate in the ASI token migration, Coinbase recommended using self-custodial wallets like Coinbase Wallet. This approach allows users to independently manage their token migration, ensuring they can still partake in the ASI merger through compatible major software wallets.
Mechanics of the ASI Merger
The merger will kick off by converting OCEAN tokens into FET tokens on July 1, with the subsequent conversion of FET tokens into ASI tokens later in the month. Exchanges supporting the migration will handle the conversion automatically for their users.
Fetch.ai has assured users that those holding OCEAN and AGIX tokens on exchanges will see their holdings seamlessly converted into ASI tokens without requiring any action on their part. This initiative aims to create the largest decentralized AI ecosystem, enhancing the development of blockchain-based AI protocols.
Market Impact and Future Prospects
The announcement of the merger has already had a positive effect on the involved tokens. Both FET and AGIX experienced a significant rally, surging over 30% on June 20 after a three-month decline. The merger is expected to foster a robust decentralized AI network that is less susceptible to control by centralized entities or major stakeholders.
With Kaspa’s innovative Direct Acyclic Graph-derived architecture, the network promises faster transaction speeds and improved scalability compared to Bitcoin. Despite Coinbase's decision to opt out, the broader crypto community remains optimistic about the potential of the ASI merger to transform the AI token landscape.
As the merger proceeds, users and investors alike will closely watch its impact on market dynamics and the future of decentralized AI applications. Coinbase’s move to not support the migration highlights the diverse approaches within the crypto industry toward handling significant technological integrations and migrations.
