NEW YORK, Thursday, July 4, 2024 – U.S. cryptocurrency exchange Coinbase announced it will not execute the upcoming token migration for the Artificial Superintelligence Alliance (ASI), leaving users to manage the process independently.
The Artificial Superintelligence Alliance, comprising AI-based blockchain companies Ocean Protocol, Fetch AI, and SingularityNET, announced in April that their respective tokens—OCEAN, FET, and AGIX—would merge. Although the Alliance will provide mechanisms for swapping tokens, Coinbase confirmed it will not facilitate the process.
The company added that it does not currently support SingularityNET’s AGIX token on its platform, which is why it is not included in the migration support.
Ocean and Fetch AI announced the merger to form the Artificial Superintelligence Alliance. Despite Coinbase’s stance, the exchange said trading support for FET and OCEAN would continue until further notice.
However, it remains unclear how Coinbase will support trading for the rebranded FET token if it won’t assist with the migration.
The Alliance confirmed that FET would become the official token of ASI as OCEAN and AGIX are phased out.
The Alliance stated that the transition would be seamless, with FET trading remaining uninterrupted and not being delisted. However, they noted that the token would be renamed, which could potentially cause some confusion for users.
The project would rebrand to the Artificial Superintelligence Alliance across platforms like CoinMarketCap and CoinGecko. They also mentioned that not all exchanges would be onboarded immediately but would be integrated as Phase 2 of the migration progresses.
Coinbase’s decision not to support the ASI migration is not unprecedented. Last month, when Gala Games prepared to launch an airdrop of V2 tokens, Coinbase told users they could send their tokens to a self-custody wallet but would not support the transition, disable trading for the V1 GALA token, and not allow holders to receive the new token airdrop.
