Coinbase’s Decision on the ASI Alliance Migration
Coinbase has decided not to support the imminent migration of the Artificial Superintelligence Alliance (ASI) for its users.
This migration involves a $7.5 billion merger between the artificial intelligence protocols SingularityNet, Fetch.ai, and Ocean Protocol. The Ocean and Fetch.ai tokens (FET) are set to merge in July to launch the ASI tokens. The plan is to first migrate OCEAN to FET on July 1st, and then merge the resulting FET tokens into ASI later in the month.
Position of Coinbase on the ASI Merger
Despite this significant merger, Coinbase has announced that it will not execute the asset migration on behalf of its users. This means that users will have to find other means to perform this migration if they wish to participate.
Solution for Users
Coinbase will continue to allow the trading of FET and OCEAN until further notice and has proposed an alternative solution for users looking to migrate their tokens.
Once the migration is launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodied wallet, such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.
This provides an option for users wishing to participate in the migration despite Coinbase’s lack of direct support.
Migration Details
In the initial announcement of the merger in March, it was revealed that users could exchange FET tokens for ASI at a 1:1 ratio.
If you have OCEAN and AGIX tokens on an exchange, no action is required. We will work with each exchange to ensure a smooth conversion, and your holdings will be automatically converted to ASI tokens directly by the exchange. You will not see the OCEAN or AGIX tokens on the exchange, but don’t panic! Your tokens are there, just look for the ASI symbol.
– Fetch.ai
Unfortunately, this will not be the case for Coinbase users who will have to proceed with the migration on their own.
Objective of the Superintelligence Alliance
The new Superintelligence alliance shares the common goal of developing decentralized AI protocols based on blockchain that cannot be controlled by centralized parties or large shareholders. This initiative aims to ensure increased autonomy and decentralization in the field of AI.
In terms of market performance, FET and AGIX tokens saw an increase of over 30% on June 20th after a three-month downtrend. The rise in the value of AI tokens has been attributed to their announced merger with Ocean Protocol, aiming to form the largest decentralized AI ecosystem.
