Coinbase Shuns ASI Token Merger: Here’s What It Means

The exchange will sit out the auto-token merger, but provide an option for users.

Brian Armstrong in a digital glitch composition with the Coinbase logo.
Created by Gabor Kovacs from DailyCoin
  • SingularityNET, Fetch.AI, and Ocean have an upcoming alliance. 
  • Coinbase has taken a stance ahead of the upcoming ASI merger. 
  • The ASI merger will occur in different phases and soon commence. 

The crypto industry has been on alert for the proposed merger between three AI pioneers, Fetch.ai, SingularityNET, and Ocean Protocol. In May 2024, these issuers announced their collaboration, sparking excitement among holders and investors for its potential to democratize AI development and access.

However, the budding excitement for the trio’s merger may have hit a snag, as a recent decision by crypto exchange Coinbase dampens the anticipation.

Coinbase Sits ASI Merger Out

Coinbase has announced that it will not support the upcoming $7.5 billion Fetch.ai, SingularityNET, and Ocean Protocol merger. In a tweet on Wednesday, Coinbase Assets revealed that it will not execute the migration of these assets involved in the merger on behalf of users.

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The exchange’s decision implies that users will be required to manually transfer their holdings in $FET, $OCEAN, and $AGIX using a self-custody wallet to participate in the $ASI merger.

Offering alternatives, Coinbase highlighted that wallets like Coinbase Wallet can be used for this purpose, adding that the ASI token merger will be compatible with all major software wallets. 

Coinbase’s decision comes only days before the anticipated launch of the merger.

What Is the ASI Merger?

Scheduled to start on July 1, 2024, the ASI merger will see Fetch.AI’s FET token, Ocean Protocol’s OCEAN token, and SingularityNet’s AGIX token converge into a single $ASI token. This token will function across the combined decentralized AI network to provide scale and power.

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The merger will occur in two phases. The first will focus on merging the three tokens on the Ethereum Blockchain, before proceeding to focus on community member onboarding.

In preparation for migration, deposits and withdrawals for AGIX and OCEAN will close. However, the FET token’s deposits, withdrawals, and trading will continue as usual.

According to a release shared with DailyCoin, the alliance will be led by Ben Goertzel, Humayun Sheikh, Bruce Pon, and Trent McConaghy, while the underlying entities will continue to operate as separate entities, collaborating in the shared ecosystem and operation of the alliance.

On the Flipside

  • At press time, Fetch.ai (FET), SingularityNET (AGIX,) and Ocean Protocol (OCEAN) are trading at $1.57, $0.6567, and $0.6594, respectively.
  • Some users have condemned Coinbase’s decision regarding the ASI merger.
  • ASI also announced plans to launch Artificial General Intelligence (AGI,) a software with human-like intelligence and quality.

Why This Matters

While Coinbase specified no reasons, its refusal to support the upcoming ASI merger signals a hint of hesitation by the exchange. Regardless, its decision is unlikely to impact or alter the success of the upcoming merger.

Read this article to discover more about the ASI merge:
AI Pioneers Unite to Challenge Big Tech in $6B Merger

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.