Coinbase has announced that the crypto exchange will not support the Ocean (OCEAN) and Fetch.ai (FET) token migration as part of the project’s merger into the Artificial Superintelligence Alliance (ASI).
On June 26, Coinbase posted a statement on X notifying its customers that the US-based crypto exchange will not implement OCEAN to FET migration “on behalf of users.”
The exchange does not also plan to support FET to ASI migration.
Both FET and OCEAN tokens were trading lower on Thursday, 7% down at $1.57 and $0.65 respectively.
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
Coinbase users to migrate OCEAN and FET via self-custody wallets
According to the Artificial Superintelligence Alliance, Ocean Protocol and SingularityNET (AGIX) will migrate to FET ahead of the ASI token launch.
The next step will be for FET to merge into ASI, with the timeline for this expected to be from mid-July.
Rather than facilitate the migration of OCEAN to FET, Coinbase will allow trading of the two AI tokens until further notice. This could be until the ASI merger completes.
On what happens to customers’ FET and OCEAN tokens (Coinbase does not list AGIX), the exchange wrote:
“Once the migration has launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.”
As Fetch.ai notes in its update on the merger timeline, the transition to ASI begins on July 1, 2024, with exchanges disabling deposits and withdrawals for AGIX and OCEAN. Exchanges will also begin delisting AGIX and OCEAN.
Meanwhile, supporting exchanges and trading platforms will continue to allow deposits, withdrawals and trading of FET ahead of phase two of the program.
Binance, Bitfinex among exchanges supporting ASI token merger
Several top tier exchanges have outlined support for the AI tokens’ merger, including Binance, Bybit, HTX, Bitfinex, and Crypto.com.
In its announcement, Binance said it will “delist and cease trading on all spot trading pairs for OCEAN and AGIX” on July 1, 2024. The exchange will however continue to list FET and offer trading support for spot and all other products.
Binance will also rename “Fetch.ai” to “Artificial Superintelligence Alliance” with the token symbol ASI adopted.
Fetch.ai, Ocean Protocol and SingularityNET announced plans for their projects’ merger in March this year, aiming at a unified AI ecosystem.
Earlier this month, the projects revised the timeline for the ASI token merge, delaying it from June 13 to July 15, 2024.
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