Coinbase has announced that it will not be facilitating the migration of two assets related to the Artificial Superintelligence Alliance (ASI) token merger. In a statement dated June 26, the exchange stated that it will not be executing migrations for Ocean Protocol (OCEAN) and Fetch.ai (FET) on behalf of users. Instead, Coinbase plans to continue supporting trading for each asset until further notice.
Users will be able to perform migrations through their self-custodial wallets, including Coinbase Wallet. The token merger is expected to support all major software wallets. However, Coinbase does not support trading of SingularityNET (AGIX), the third token that will merge with OCEAN and FET in July.
Other exchanges declare support
Fetch.ai has outlined plans for exchanges to support the merger. Starting July 1, cooperating exchanges will close AGIX and OCEAN deposits and withdrawals while allowing FET deposits, withdrawals, and trading to continue. Eventually, exchanges will delist AGIX and OCEAN.
The ASI token is set to launch in mid-July, allowing users to convert tokens they hold in self-custody. Exchanges will migrate spot markets from FET to ASI.
Several exchanges are following a similar timeline. Bitfinex, HTX, Bitget, Binance, and KuCoin have plans to halt availability starting on July 1 or July 2. Crypto.com will halt availability on June 28.
Merger to challenge Big Tech
The token merger and the creation of the Superintelligence Alliance signify collaboration between three major crypto projects in the AI sector. The merger aims to foster the growth of decentralized AI infrastructure, focusing on AGI and superintelligence to challenge the dominance of Big Tech in the sector. The strategy is expected to position the ASI token as the largest decentralized AI token by market cap, with the combined cap of the existing tokens currently at $5.8 billion.
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