Coinbase opts out of ASI token merger migration

Coinbase will continue trading support for Ocean Protocol (OCEAN) and Fetch.ai (FET) tokens but won’t execute migrations on behalf of users in the upcoming ASI token merger, the exchange said in a June 26 statement.

This means that Coinbase would maintain trading support for OCEAN and FET “until further notice” while allowing users to perform migrations through self-custodial wallets, including Coinbase Wallet. The exchange said that the ASI token merger would be compatible with all major software wallets.

The ASI token merger, set to launch in mid-July, aims to combine OCEAN, FET, and SingularityNET (AGIX) into a single token. This initiative seeks to promote decentralized AI infrastructure development and challenge Big Tech’s dominance in the AI sector. The merged tokens currently have a combined market cap of $5.8 billion.

Several other major exchanges have announced plans to support the merger. Bitfinex, HTX, Bitget, Binance, and KuCoin will halt availability of affected tokens on July 1 or 2, while Crypto.com plans to do so on June 28. These exchanges generally intend to perform conversions to FET, though exact dates vary.

The merger process will occur in two phases. In Phase 1, starting July 1, OCEAN will migrate into FET. Phase 2 will see the launch of ASI and the merger of FET into ASI in mid-to-late July.

Coinbase’s decision not to facilitate the migration stands in contrast to other exchanges’ approaches, potentially impacting users who prefer custodial solutions. However, by continuing to support trading and enabling self-custodial migrations, Coinbase maintains a degree of involvement in the process while shifting responsibility to users for executing the token swap.