Despite Coinbase’s decision, users can still migrate their AI tokens using self-custodial wallets to participate in the $7.5 billion merger.
One of the world’s leading cryptocurrency exchanges, Coinbase, has issued an important update concerning a $7.5 billion Artificial Superintelligence Alliance (ASI) token merger. The crypto exchange has decided not to support the upcoming migration of the ASI for its users.
According to the announcement on the X platform, AI tokens Ocean (OCEAN) and Fetch.ai (FET) are scheduled to merge in July, leading to the launch of ASI tokens. The process will begin with the migration of OCEAN into FET on July 1. Later in the month, the newly formed FET tokens will merge into ASI.
Crypto service providers that support this mechanism will automatically convert users’ token holdings on the specified day. However, the crypto exchange has opted out of this migration. Coinbase noted that it will not migrate these assets on users’ behalf.
The crypto giant noted that it will allow FET and OCEAN trades 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,” Coinbase said.
Plan for a Smooth Migration
Furthermore, in March 2024, during the merger announcement, it revealed that users could swap FET tokens for ASI tokens at a 1:1 rate.
“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,” Fetch.ai stated.
FET is trading at $1.62 at the time of writing. The token has a $4.08 billion market cap and an all-time high of $1.84.
The new Superintelligence Alliance aims to develop blockchain-based decentralized AI protocols that centralized entities or large stakeholders cannot control.
In terms of market performance, FET and AGIX rallied over 30% on June 20, following a three-month downtrend.
The surge in value was linked to the announced merger with Ocean Protocol, which aims to create the largest decentralized AI ecosystem.