Coinbase says it will not facilitate Ocean-Fetch AI merger

Coinbase announced that it would not execute the migration of the ASI token, which resulted from the merger of OCEAN and Fetch.AI. According to Coinbase, users can facilitate the migration via their self-custodial wallets, which include Coinbase wallets.

Also read: Fetch.ai rallies ahead of rebranding, merger with Ocean Protocol and SingularityNET

Coinbase released a statement on June 26 stating it would not help users move the two assets related to the merger. The exchange plans to continue facilitating trading for the two assets, OCEAN and FET until they decide otherwise. 

The exchange advised users to utilize their self-custodial wallets, such as the Coinbase Wallet. Also, Coinbase confirmed that the token merger intends to support all popular software wallets.

Ocean (OCEAN) and https://t.co/pOEE8X2oY0 (FET) have announced a merger to form the Artificial Superintelligence Alliance (ASI). Coinbase will not execute the migration of these assets on behalf of users.

— Coinbase Assets ????️ (@CoinbaseAssets) June 26, 2024

In the meantime, the exchange platform does not allow users to trade SingularityNET (AGIX). AGIX is the third token expected to merge with OCEAN & FET next month, but Coinbase did not mention it in its recent statement.

According to Fetch.AI, the ASI token merger involving OCEAN, Fetch.AI, and AGIX will occur in two phases, starting on July 1, 2024. The first phase will include the consolidation of OCEAN from Ocean Protocol and AGIX from SingularityNET into Fetch.AI’s FET.

The ASI merger to challenge Big Tech in Crypto

The token merger and the establishment of ASI indicate collaboration between three main cryptocurrency entities entirely focused on AI. The merger aims to boost the growth of decentralized artificial intelligence infrastructure. 

The merger focuses on superintelligence and AGI and challenges Big Tech’s dominance in the sector. The parties involved in the merger believe that the ASI token would be positioned as the biggest decentralized AI token in terms of market cap. In the meantime, the three tokens possess a combined market cap of $5.8 billion. 

 “[AGI and ASI] should be rolled out in an open, democratic and decentralized way. This has been the joint vision of SNET, Fetch.ai and Ocean Protocol from their inception, and for this reason, it makes total sense that our three projects come together to form a tokenomic network that has greater power to take on Big Tech and shift the center of gravity of the AI world into the decentralized ecosystem.”

-Ben Goertzel, SingularityNET

Other exchanges offer their support for the merger

Fetch AI described extensive plans for other exchanges to support the ASI merger. As of the 1st of July, exchanges that agree to support the merger will halt OCEAN and AGIX deposits and withdrawals. The cooperating exchanges will allow FET trading, deposits, and cashouts but will ultimately delist OCEAN and AGIX tokens.

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Various exchanges, such as Bitfinex, HTX, Finance, and Bitget, will support the merger. These firms announced that they would merge the three affected tokens but did not reveal the dates.  

Cryptopolitan reporting by Collins J. Okoth