U.S. cryptocurrency exchange Coinbase has announced that it will “not execute” the Alliance for Artificial Intelligence’s (ASI) upcoming token migration, meaning Coinbase users will have to figure out the details of this highly anticipated token integration for themselves.
The Alliance for Artificial Superintelligence is a consortium of AI-based blockchain companies Ocean Protocol, Fetch AI, and SingularityNet. The group announced in April that they would merge their respective tokens, OCEAN, FET, and AGIX. The alliance said it has a mechanism available for the tokens to be swapped, but Coinbase has said it will not currently participate in the process.
“Regarding ASI token migration, Coinbase will not migrate these tokens on users’ behalf, but users can migrate their own OCEAN and FET to ASI using the Coinbase Prime Web3 wallet or any other Ethereum-compatible self-custodial wallet.” A Coinbase spokesperson said: Decryption.
“Coinbase is not currently supported [SingularityNET token] “AGIX is not included as our platform does not include it,” the company later said.
Regarding the exchange listing, Coinbase added that “trading support for FET and OCEAN will continue until further notice.” Since the token merger will effectively merge the OCEAN and AGIX tokens into FET, it remains to be seen how Coinbase will continue to support trading of the rebranded FET tokens if it does not support the transition on its platform.
According to Humayun Sheikh, founder and CEO of Fetch AI, Coinbase's decision will not affect the integration of the three tokens.
“We can confirm that the merger of AGIX and OCEAN into FET will take place on Monday, July 1,” Sheikh said. DecryptionThe merger was originally scheduled for June 13, but the Alliance for Artificial Superintelligence postponed the date.
Eventually, FET will become the official token of ASI as OCEAN and AGIX are phased out.
“The transition will be seamless and FET trading will not be interrupted and will not be delisted,” the coalition said in a prepared statement, although the token will be renamed, which may cause further confusion for users. “The project plans to rebrand to Artificial Superintelligence Alliance across platforms such as CoinMarketCap and CoinGecko.”
“Not all exchanges will be on-boarded immediately, but will be as they move through the second phase of the transition,” the group added.
Coinbase's decision not to support the ASI migration is not the first time the exchange has said it won't support the token action.
As Gala Games was preparing to launch its V2 token airdrop last month, Coinbase told users that while they were free to send their tokens to their self-custodial wallets, the exchange would not support the transition and would disable trading of V1 GALA tokens, preventing holders from receiving the new token airdrop.
Jason Brink, president of blockchain at Gala Games, tweeted at the time that it was unclear why Coinbase took this stance, but that it may have been because the event appeared to be an “airdrop” of new tokens rather than replacing old ones.
“We are hopeful that once there is some clarity they will decide to support the V2 token,” Brink said.
Editor: Ryan Ozawa.
