Coinbase says it will not facilitate Ocean-Fetch AI merger

Coinbase said it would not facilitate the migration of two assets related to the Artificial Superintelligence Alliance (ASI) token merger in a June 26 statement.

Instead of executing 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 of SingularityNET (AGIX), a third token that will merge with OCEAN and FET in July. It did not comment on AGIX in its latest statement.

Other exchanges declare support

Fetch.ai has described broader 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. Exchanges will eventually delist AGIX and OCEAN.

The ASI token will launch in mid-July. Users will be able to convert tokens they hold in self-custody. Finally, exchanges will migrate spot markets from FET to ASI.

Several exchanges are roughly following the timeline. Bitfinex said it will halt the availability of affected tokens it currently supports on July 2. HTX, Bitget, Binance, and KuCoin have described plans to halt availability starting on July 1. Crypto.com will halt availability on June 28.

The above exchanges — excluding 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 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 cap.

The three existing tokens currently have a combined cap of $5.8 billion.

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