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Coinbase will not handle AI token melting for users
US-based cryptocurrency exchange Coinbase has announced that it will “not execute” the upcoming token migration for the Artificial Superintelligence Alliance (ASI), meaning Coinbase users will have to figure out the ins and outs of this highly anticipated token merger on their own.
The Artificial Superintelligence Alliance is a consortium of AI-based blockchain companies Ocean Protocol, Fetch AI, and SingularityNET. The group announced in April that their respective tokens:OCEAN, FETAND AGIX—would mergeWhile the Alliance said there would be mechanisms available for token swapping, Coinbase now says it will not be part of the process.
“For ASI token migration, Coinbase will not migrate these tokens on behalf of users, but users will be able to migrate their OCEANs and FETs to ASI using the Coinbase Prime Web3 wallet or other Ethereum compatible self-custodial wallet,” a Coinbase spokesperson told Decrypt.
“Coinbase does not currently support [SingularityNET token] AGIX on our platform, which is why it was not included,” the company later noted.
Regarding listings on its exchange, Coinbase added that “trading support will continue for FET and OCEAN until further notice.” Since the token merger will effectively result in the conversion of OCEAN and AGIX tokens to FET, it is not yet clear how Coinbase will continue to support trading for the rebranded FET token if it does not support the migration to its platform.
According to Fetch AI founder and CEO Humayun Sheikh, Coinbase’s decision will have no impact on the merger of the three tokens.
“We confirm that the merger of AGIX and OCEAN into FET will take place on Monday, July 1st,” Sheikh told Decrypt. The merger was originally scheduled for June 13, before the Artificial Superintelligence Alliance postponed the date.
Eventually, FET will become the official token of ASI as OCEAN and AGIX are phased out.
“This transition will be seamless and FET trading will remain uninterrupted and will not be delisted,” the alliance said in a statement. prepared speech. The token will be renamed, however, which could add another layer of confusion for users. “The project will be renamed Artificial Superintelligence Alliance on platforms such as CoinMarketCap and CoinGecko.”
“Not all exchanges will be integrated immediately, however they will be integrated as we approach Phase 2 of the migration,” the group added.
Coinbase’s decision not to support ASI migration isn’t the first time the exchange has said it won’t support a token’s shares.
When Gala Games set to launch a V2 token airdrop last month, Coinbase told users they were free to send their tokens to a self-custodial wallet, the exchange would not support the transition, it would disable trading for the V1 GALA token and would not allow holders to receive the new token airdrop.
President of Blockchain at Gala Games Jason Brinquedo He wrote on Twitter at the time that he wasn’t sure why Coinbase had taken this stance, but suspected it was because the event appeared to be an “airdrop” of new tokens rather than replacing older ones.
“My hope is that once there is some clarity, they will decide to support the V2 token,” Brink said.
By Ryan Ozawa.