Coinbase Withdraws from $7.5 Billion Token Merger of Artificial Superintelligence Alliance (ASI)

Coinbase will not participate in the upcoming token migration of the Artificial Superintelligence Alliance (ASI), which involves merging the artificial intelligence protocols SingularityNet (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN). The plan is to first migrate OCEAN to FET on July 1, followed by merging the newly generated FET tokens into ASI later that month.

While many cryptocurrency service providers automatically handle such conversions for users, Coinbase has explicitly stated that it will not facilitate the migration of these assets on behalf of its users. However, Coinbase will continue to allow trading of FET and OCEAN tokens as usual until further notice. Coinbase users can use self-custodial wallets (such as Coinbase Wallet) to migrate their OCEAN and FET to ASI.

The merger plan was initially announced in March, with details indicating that users would be able to exchange FET tokens for ASI at a 1:1 ratio. Fetch.ai assured users, “If you hold $OCEAN and $AGIX tokens on exchanges, no action is required. We will work with each exchange to ensure a smooth transition, and your held tokens will be automatically 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 stock prices of FET, OCEAN, and AGIX have surged by 38%, 34%, and 39%, respectively, from their lows on June 18, reversing a three-month downtrend. Much of this value increase is attributed to leading chip manufacturer Nvidia’s prominence in the AI boom.

Sentiment: Negative