Coinbase Opts Out of ASI Token Migration, But Broader Crypto Community Remains Optimistic

Coinbase has announced it will not support the upcoming migration of the Artificial Superintelligence Alliance (ASI) tokens

Coinbase has opted out of supporting the upcoming Artificial Superintelligence Alliance (ASI) tokens migration, despite the massive $7.5 billion token merger involving AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.

The migration, set to take place in July, will see the transformation of Ocean (OCEAN) and Fetch.ai (FET) tokens into ASI tokens. While the merger will be supported by several exchanges, Coinbase users will not experience automatic migration of these assets through the platform.

Coinbase Not Participating in ASI Token Migration Coinbase Assets, in an official statement, highlighted that while Coinbase will not be facilitating the migration, users can still trade FET and OCEAN tokens as usual until further notice.

For those wishing to participate in the ASI token migration, Coinbase has recommended using self-custodial wallets such as Coinbase Wallet. This approach will enable users to independently manage their token migration, ensuring they can still partake in the ASI merger through compatible major software wallets.

The ASI merger will begin by converting OCEAN tokens into FET tokens on July 1, followed by the conversion of FET tokens into ASI tokens later in the month. Exchanges supporting the migration will handle the conversion automatically for their users.

Fetch.ai has stated that those holding OCEAN and AGIX tokens on exchanges will have their holdings automatically converted into ASI tokens, without requiring any action on their part. The initiative aims to create the largest decentralized AI ecosystem, enhancing the development of blockchain-based AI protocols.

The announcement of the merger has already positively impacted the involved tokens. Both FET and AGIX experienced a significant rally, surging over 30% on June 20 after a three-month decline. The merger is expected to foster a strong decentralized AI network that is less prone to being controlled by centralized entities or major stakeholders.

With Kaspa’s architecture derived from the Direct Acyclic Graph, the network promises faster transaction speeds and improved scalability compared to Bitcoin. Despite Coinbase's decision to opt out, the broader crypto community remains enthusiastic about the ASI merger's potential to reshape the landscape of AI tokens.

As the merger unfolds, users and investors will be closely monitoring its influence on market dynamics and the future of decentralized AI applications. Coinbase's decision to not support the migration showcases the varying approaches within the crypto industry toward handling large-scale technological integrations and migrations.

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