Coinbase Snub Facilitating AI Token Merger for Users

The US largest crypto exchange, Coinbase, informed its users of the decision not to execute the token migration for the AI merger. Coinbase directed the users to transfer the AI tokens to the self-custody wallet, where they can swap them. 

The crypto exchange announced its nonparticipation in the upcoming token migrations involving the Artificial Superintelligence Alliance (ASI). Its exclusion obligates users to figure out how to navigate the highly anticipated token merger. 

The Artificial Superintelligence Alliance involves a consortium comprising three AI-affiliated blockchain entities: SingualirtyNET, Ocean Protocol, and Fetch AI.  The consortium in a bid to merge their respective tokens, including AGIX, OCEAN, and FET. 

The group promised to elect mechanisms to facilitate token swapping. Crypto exchange Coinbase announced its exclusion from the process.  

Coinbase Not Supporting AI Tokens Migration

Coinbase indicated that it excuses itself from the ASI token migration process. Instead, the crypto exchange advised users to migrate OCEAN and FET to the ASI by tapping the Coinbase Prime Web3 wallet and other Ethereum-compatible self-custody wallets. 

The Brian Armstrong-led crypto exchange would later confirm that it does not currently support the AGIX and SingularityNET tokens. The non-support for the tokens explains the reasons for distancing from the migration process.  

Coinbase clarified the listing issue on the platform, indicating that it will sustain the trading support granted for OCEAN and FET tokens until a later update. Notably, the token merger is set to have OCEAN and AGIX folded into the FET effectively. Such triggers uncertainty on how Coinbase will sustain support trading for the rebranded FET token if it does not support the platform migration process 

Fetch AI chief executive Humayun Sheikh ruled out hindrances in the migration process despite Coinbase’s decision. The Fetch AI founder confirmed that the AGIX and OCEAN merger into the rebranded FET token on Monday, July 1. 

Sheikh noted that the initial merger was scheduled for June 13. The Artificial Superintelligence Alliance will postpone it until July of next week. 

The migration will see the rebranded FET as the official token of the ASI consortium as AGIX and OCEAN are phased out. The alliance assured a seamless transition, with FET trading remaining uninterrupted and not delisted. 

The alliance indicated that the token will undergo renaming, which could contribute to user confusion. The project targets rebranding the Artificial Superintelligence Alliance across the CoinMarketCap and CoinGecko platforms. 

The group indicated that it plans to onboard exchanges using a piecemeal approach. The alliance plans to integrate them as it approaches phase 2 of the token migration. 

Beyond the migration, AI-affiliated tokens have witnessed a 15% surge aided by the Nvidia tailwinds boost, particularly Fetch.ai and Render. The AI tokens have seen a boom in the market cap to test $28 billion by June 19, as per CoinGecko data. 

Fetch.ai (FET) led the surge in the AI tokens behind the AI blockchain, powering complex machine learning. It rallied 30% daily to raise the monthly uptrend to 40%, as per CoinGecko. A similar trend is apparent for Render (RNDR), the native token of the distributed GPU rendering network. 

Coinbase Freezes Support for Token Transition

Coinbase’s move to freeze supporting the ASI migration is reminiscent of the exchange failing to support a token’s actions. 

Gala Games was on the receiving end of a similar stance by Coinbase as it prepared to unveil V2 tokens airdrop in May. Coinbase informed the users to move tokens to the self-custody wallet by confirming that it would not support the transition.

Coinbase added the intention to turn off the V1 Gala token trading and prohibit holders from the airdrop. Gala Games’ blockchain head, Jason Brink, expressed uncertainty about Coinbase stance, suggesting that the airdrop appeared as a new token issuance and did not replace older tokens. 

Brink expressed optimism and clarity about resolving the issue, hoping Coinbase would reverse the decision and support the V2 token.  

Editorial credit: T. Schneider / Shutterstock.com