Coinbase, a major cryptocurrency exchange, has decided not to support the upcoming migration of the SingurityNet, Fetch.ai, and Ocean protocol AI tokens to the new Artificial Superintelligence Alliance (ASI) token.
In this migration, AI tokens Ocean (OCEAN) and Fetch.ai (FET) will unite in July to launch ASI tokens. The first phase of the migration will see OCEAN tokens transformed into FET on July 1, followed by the merger of FET tokens into ASI later that month.
This migration includes a $7.5 billion token merger between the AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.
Crypto service providers who enable this technique will automatically convert users’ token holdings on the specified day. However, Coinbase has opted out of this migration, saying, “Coinbase will not execute the migration of these assets on behalf of users.”
Despite the opt-out, Coinbase will continue to support FET and OCEAN trades as usual. Coinbase stated that Users who want to migrate their tokens can do so through a self-custodial wallet like Coinbase Wallet. The ASI token merger will be interoperable with all major software wallets, allowing users to make the move themselves.
The first merger announcement in March said that FET tokens may be swapped for ASI at a 1:1 ratio. Fetch.ai informed users that their exchange holdings would be seamlessly converted to ASI tokens with no additional effort required.
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