Coinbase, the U.S. cryptocurrency exchange, has announced it will not execute the upcoming token migration for the Artificial Superintelligence Alliance (ASI). Users will need to manage the process themselves.
The ASI is a consortium of AI-focused blockchain companies: Ocean Protocol, Fetch AI, and SingularityNET. In April, they revealed plans to merge their tokens—OCEAN, FET, and AGIX.
"Coinbase will not migrate these tokens on behalf of users," a company spokesperson told the press. Users can migrate OCEAN and FET to ASI using Coinbase Prime Web3 wallet or another Ethereum-compatible self-custody wallet.
The exchange does not support AGIX. Trading support for FET and OCEAN will continue "until further notice".
Coinbase's decision will not affect the merger, according to Fetch AI founder and CEO Humayun Sheikh. "We confirm that the merger of AGIX and OCEAN into FET will occur on Monday, July 1st," Sheikh stated.
FET will become the official ASI token as OCEAN and AGIX are phased out. "This transition will be seamless, and FET trading will remain uninterrupted," the alliance said in a statement.
The token will be renamed. "The project will rebrand to the Artificial Superintelligence Alliance across platforms like CoinMarketCap and CoinGecko."
Not all exchanges will support the migration immediately. The alliance plans to integrate more exchanges in Phase 2 of the migration, but we will have to wait and see how soon and efficient that process will be.
This is not Coinbase's first refusal to support token actions. In May, it declined to support Gala Games' V2 token airdrop. When that happened, Jason Brink, Gala Games' President of Blockchain, speculated that Coinbase's stance might be due to the event appearing as an "airdrop" rather than a token replacement. He also expressed hope for future support of the V2 token.