Coinbase Declines Support for $7.5B AI Token Merger; Proposes Alternative Solution
Summary:
Coinbase has decided not to support the impending $7.5 billion token merger of the Artificial Superintelligence Alliance that involves AI protocols SingularityNet, Fetch.ai, and Ocean Protocol. The crypto exchange confirmed to its users that it will not execute the migration of their assets but will continue allowing FET and OCEAN token trades. Coinbase also proposed a solution for users willing to participate in the migration through their own self-custodial wallets. The recent news about this upcoming merger has led to a significant market surge for tokens FET and AGIX.
In a surprising move, leading cryptocurrency exchange Coinbase has announced its decision not to facilitate the significant Artificial Superintelligence Alliance (ASI) token scheme that is worth $7.5 billion, involving AI protocols SingularityNet, Fetch.ai, and Ocean Protocol. Under this scheme set for July, AI tokens of Ocean (OCEAN) and Fetch.ai (FET) would be merged to form ASI tokens. Initially, OCEAN tokens are meant to be integrated into FET on July 1, which will later be converted into ASI later in the month.
Crypto service providers that champion the merger mechanism would theoretically auto-transfer users' tokens on the specified day. Nevertheless, by choosing not to be a part of this transition, Coinbase stated, "Coinbase will not execute the migration of these assets on behalf of users."
In substitute of full-on support, Coinbase plans to continue usual trading for FET and OCEAN until further information is provided. They also proposed a potential solution for customers, explaining, "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.”
In relation to future migration plans, it was announced in March that users could exchange FET tokens for ASI at a 1:1 ratio. Fetch.ai added, "If you have $OCEAN and $AGIX tokens on an exchange, no action is needed. Each exchange will be worked with for a smooth conversion and your holdings will automatically be converted to $ASI tokens directly by the exchange."
The incoming Superintelligence Alliance has a common ambition of creating blockchain-based decentralized AI protocols that aren't subjected to central parties or prominent stakeholders' control.
Regarding market behavior, both FET and AGIX saw over a 30% increase after recording a steady downturn over a three-month period, on June 20. This rise has been linked to their announced merger with Ocean Protocol, aiming to create the most significant decentralized AI environment.
Published At
6/27/2024 12:58:52 PM
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