Coinbase has decided not to facilitate the upcoming migration for users of the Artificial Superintelligence Alliance (ASI). This migration includes a $7.5 billion token merger involving the AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.
The AI tokens Ocean (OCEAN) and Fetch.ai (FET) are set to merge in July, resulting in the creation of ASI tokens. The plan is to initially convert OCEAN into FET on July 1. Later in the month, the combined FET tokens will transition into ASI.
Source: Coinbase Assets
Crypto service providers that support this process will automatically convert users’ token holdings on the specified date. However, Coinbase has chosen not to participate in this migration, stating, “Coinbase will not execute the migration of these assets on behalf of users.”
Alternative Method for Pre-Merger Token Claims
Instead, Coinbase will continue to allow trading of FET and OCEAN as usual until further notice and has provided a workaround for users:
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Seamless Migration Plan
During the initial merger announcement in March, it was revealed that users would be able to swap FET tokens for ASI at a 1:1 ratio. According to Fetch.ai:
The new Superintelligence Alliance aims to develop blockchain-based decentralized AI protocols that are free from control by centralized entities or major stakeholders.
Market Performance
On June 20, both FET and AGIX saw a rally of over 30% following a three-month downtrend. This surge in AI token value was attributed to the announced merger with Ocean Protocol, which is expected to create the largest decentralized AI ecosystem.
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