Coinbase opts out of ASI Token Migration as merger nears finish 🚫💰

Important Update: Coinbase Opts Out of ASI Token Merger

Recently, Coinbase made an announcement on X confirming that it will not be participating in the upcoming Artificial Superintelligence Alliance (ASI) token merger scheduled for July 1. This decision means that Coinbase users will not benefit from automated token transfers and will not have their assets migrated on their behalf.

Despite this, other exchanges will be supporting the ASI token merger, presenting an alternative for users who wish to participate in the merging process.

“Ocean (OCEAN) and (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,” said Coinbase.

Coinbase Not Playing Along

Users on Coinbase will not enjoy automated token transfers as a result of this decision
Coinbase will continue to provide trading support for OCEAN and FET until further notice
Coinbase Wallet can be used as an alternative option to manage the process for interested users

Details of ASI Merger

SingularityNET, Fetch.ai, and Ocean Protocol are collaborating to merge AGIX, OCEAN, and FET into a single token known as ASI. Here are some key details regarding the merger:

The merger aims to advance the development of decentralized Artificial General Intelligence (AGI)
The merger’s goal is to challenge the dominance of Big Tech in the AI sector
Merger initially planned for mid-June but rescheduled to July for better preparation

Mission of ASI Merger

Accelerate development of decentralized AI
Challenge Big Tech’s dominance
Prepare for a complex merging process involving various third-party entities

ASI Merger Updates and Concerns

While the ASI merger has received support from several major exchanges including Binance, KuCoin, Bitfinex, HTX, Bitget, and Crypto.com, Coinbase’s decision not to participate has caused confusion and sparked controversy:

Coinbase’s announcement was perceived as a last-minute and lacked transparency
Users expressed inconvenience and panic selling of tokens due to the decision
Token prices experienced a drop on Coinbase following the announcement

Impact on Token Prices

FET currently trading at $1.54, down by 9%
OCEAN’s price sits at $0.64, reflecting a 7% decline
AGIX experienced a 7% drop to $0.64

ASI Merger Phases

The ASI merger will unfold in two phases:

Phase 1: Starting from July 1, AGIX and OCEAN tokens will be temporarily merged into FET
Phase 2: Set to begin mid-July, focusing on deploying ASI across multiple blockchain platforms

Token Conversion Rates

For users interested in the merger, here are the conversion rates for each token:

1 FET will convert to 1 ASI
1 AGIX will convert to 0.433350 ASI
1 OCEAN will convert to 0.433226 ASI

Hot Take: Coinbase’s Surprising Move

Coinbase’s decision not to participate in the ASI token merger has stirred up the crypto community. As the only exchange opting out of the migration, users are left with mixed reactions and uncertainties regarding the future of their assets.

Stay tuned for further updates on the ASI merger and how it unfolds across various exchanges in the coming days.