Coinbase said it would not facilitate the migration of two assets related to the Artificial Superintelligence Alliance (ASI) token merger in a June 26 rack.
In lieu of performing migrations for Ocean Protocol (OCEAN) and Fetch.ai (FET) on behalf of users, the exchange plans to continue supporting trading for each asset until further notice.
Coinbase said it will allow users to perform migrations through their self-custodial wallets, including but not limited to Coinbase Wallet. Coinbase said the token merger would support “all major software wallets.”
Coinbase does not support trading in SingularityNET (AGIX), a third token that will merge with OCEAN and FET in July. In its latest statement, the company did not comment on AGIX.
Other exchanges declare support
Fetch.ai has described broader plans for exchanges to support the merger. From July 1, cooperating exchanges will close AGIX and OCEAN deposits and withdrawals, while FET deposits, withdrawals and trading can continue. Exchanges will eventually delist AGIX and OCEAN.
The ASI token will be launched in mid-July. Users can convert tokens they own. Finally, the exchanges will migrate the spot markets from FET to ASI.
Several exchanges roughly follow the timeline. Bitfinex said it will discontinue the availability of the affected tokens it currently supports on July 2. HTX, Bitget, Binance and KuCoin have detailed plans to discontinue availability starting July 1. Crypto.com will end availability on June 28.
The aforementioned exchanges – with the exception of KuCoin – have already announced plans to automatically merge the three tokens for users, but did not provide an exact date.
Merger to challenge Big Tech
The token merger and the creation of the Superintelligence Alliance represent the coordination between three major crypto projects focused on the AI sector.
The merger aims to promote the growth of decentralized AI infrastructure, focusing on AGI and superintelligence, while challenging Big Tech’s dominance over the sector. Furthermore, the strategy is expected to position the ASI token as the largest decentralized AI token by market capitalization.
The three existing tokens currently have a combined cap of $5.8 billion.