Coinbase Skips ASI Token Migration

Coinbase skipped ASI token migration, but users can migrate their AI tokens using self-custodial wallets to join the $7.5 billion merger.

Coinbase has elected to refrain from assisting its users during the forthcoming Artificial Superintelligence Alliance (ASI) migration. This migration entails merging tokens valued at $7.5 billion between the AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.

The ASI tokens are expected to be launched in July following the merger of AI tokens Ocean (OCEAN) and Fetch.ai (FET). The intention is to transition OCEAN to FET first on July 1. The resultant FET tokens will merge into ASI later in the month.

On the designated day, crypto service providers that support this mechanism will automatically convert users’ token holdings. Nevertheless, Coinbase has declined to participate in this migration, stating, “Coinbase will not execute the migration of these assets on behalf of users.”

Alternative method for obtaining pre-merger tokens

Instead, Coinbase will continue to permit FET and OCEAN transactions as usual until further notice and has provided a workaround for users:

“Once the migration has launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.”

Plan for a seamless migration

Users were informed that they could exchange FET tokens for ASI at a 1:1 ratio during the initial merger announcement in March. As per Fetch.ai:

“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 innovative Superintelligence Alliance will have a shared objective of creating blockchain-based decentralized AI protocols that are invulnerable to the control of centralized parties or significant stakeholders.

On June 20, FET and AGIX experienced a rise of over 30% in market performance, following a three-month decline.

The announced merger with Ocean Protocol, intended to establish the world’s largest decentralized AI ecosystem, was the cause of the increased value of AI tokens.