n June 26th, 2024, Coinbase revealed that it would not be participating in the migration of two tokens central to an upcoming merger between projects focused on artificial intelligence. The merger, slated for mid-July, will combine the Ocean Protocol (OCEAN), Fetch.ai (FET), and SingularityNET (AGIX) networks into a unified Artificial Superintelligence Alliance (ASI).
Coinbase Steps Back
In a statement, Coinbase explained that rather than automatically migrating customer holdings of OCEAN and FET tokens to the new ASI format, it would allow trading of the individual assets to continue until further notice. The exchange said it would permit users to perform the token swap through self-custody wallets like Coinbase Wallet. However, Coinbase does not currently support trading of AGIX, the third token involved in the merger.
Support Elsewhere
Fetch.ai, a participant in the merger, has signalled that other major exchanges like Binance, KuCoin, and OKX plan to facilitate the merger according to outlined guidelines. Starting July 1st, deposits and withdrawals of OCEAN and AGIX will halt while FET functions as normal. Exchanges will subsequently delist OCEAN and AGIX, launch the new ASI token in mid-July, and migrate FET spot markets to the unified format.
Binance, Huobi, Bitfinex, Bitget, and Crypto.com have all confirmed they will pause the availability of the relevant tokens on July 1st and automatically merge balances for customers. Only individual self-custody is mentioned as an option by Coinbase, representing a divergence from other exchange involvement plans.
Uniting Decentralized AI
The token merger aims to bring together the resources and communities of Ocean Protocol, Fetch.ai, and SingularityNET—three major projects in decentralized artificial intelligence—to create an outsized presence in the fast-growing AI sector. With a combined market cap near $6 billion currently divided across OCEAN, FET, and AGIX, the unified ASI token intends to become the largest decentralized asset focused on AI and related technologies. Backers argue this coordinated strategy could challenge dominant tech firms by promoting open infrastructure for advanced computing applications like machine learning in a transparent format.
Self-Determination
While choosing not to automatically execute the token transformation, Coinbase reaffirmed its commitment to supporting individual choice. Citing self-custody wallets as an option respected by the architects of the merger itself, Coinbase ensures users maintaining control of their assets can seamlessly engage with the unified token once it launches in mid-July as planned. Whether Coinbase may list the combined ASI format in the future was not addressed, but the exchange maintains the optionality to reconsider involvement down the line if network integration progresses. For now, Coinbase customers can continue exposure to OCEAN and FET's separate growth trajectories by holding or trading within the platform.
