Coinbase will not participate in the upcoming $7.5 billion token migration of the Artificial Superintelligence Alliance (ASI).
Coinbase will not participate in the upcoming $7.5 billion token migration of the Artificial Superintelligence Alliance (ASI), which involves merging AI protocols SingularityNet (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN). The plan is to first migrate OCEAN into FET on July 1, followed by merging the resulting FET tokens into ASI later in the month.
While many crypto service providers will automatically handle this conversion for users, Coinbase has announced it will not facilitate the migration on behalf of its users. In a clear statement, Coinbase said, "Coinbase will not execute the migration of these assets on behalf of users." Despite its non-participation in the migration process, Coinbase will continue to allow trading of FET and OCEAN tokens as usual until further notice. Coinbase users can migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet.
Originally announced in March, the merger plan detailed that users would be able to swap FET tokens for ASI at a 1:1 rate. Fetch.ai reassured users, stating, “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 price of FET, OCEAN and AGIX have surged over 38%, 34% and 39% respectively from the lows of June 18, reversing a three-month downtrend. The rise in value is largely attributed to Nvidia, the leading chipmaker in the AI boom, attaining the status of the most valuable company.
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