- Coinbase has warned OCEAN and FET token holders it won’t honor the ASI merger on Monday
- The exchange has urged users to withdraw OCEAN and FET holdings to a supporting wallet for ASI tokens
- The ASI merger has planned to unify Ocean Protocol, Fetch.ai, and SingularityNET tokens under the new ticker, ASI
Coinbase has warned OCEAN and FET token holders that it won’t be honouring the Artificial Superintelligence Alliance (ASI) merger on Monday. The exchange said that it would not be following in the footsteps of the likes of Binance and shouldering the responsibility of the two-phase token swap, urging users to withdraw any OCEAN and FET holdings to a supporting wallet if they want to receive their ASI tokens. The two-phase process will see Ocean Protocol, Fetch.ai, and SingularityNET merge, with the three tokens becoming one under the new ticker, ASI.
Alliance Hopes to Challenge AI Dominance
The Artificial Superintelligence Alliance will integrate the extensive research, brands, technologies, and products from the three projects, with the collaboration aiming to establish a scalable AI infrastructure, leveraging blockchain technology to ensure ethical and trustworthy AI development and deployment.
The trio want to use the alliance to challenge the dominance of big tech companies in AI development, offering a decentralized and collaborative approach to the industry.
No Automatic Merger on Coinbase
Coinbase outlined the token migration process on X, stating up front that it “will not execute the migration of these assets on behalf of users”:
Coinbase will not facilitate the migration of OCEAN to FET or FET to ASI on behalf of users. Trading support will continue for FET and OCEAN until further notice.
— Coinbase Assets 🛡️ (@CoinbaseAssets) June 26, 2024
Coinbase concluded that while it will not natively perform the migration, users will be able to migrate their OCEAN and FET to ASI using its Coinbase Wallet, one of many that will support the merger.
The value of the ASI token will be based on the value of the FET token at the time of the merger, with the alliance ensuring that no one benefits or loses out financially from the merger.
