Coinbase says it will not facilitate Ocean-Fetch AI merger Coinbase says it will not facilitate Ocean-Fetch AI merger
Coinbase plans to continue supporting trading for the Ocean and Fetch tokens until further notice.
2 min read
Updated: Jun. 27, 2024 at 1:16 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase said it would not facilitate the migration of two assets related to the Artificial Superintelligence Alliance (ASI) token merger in a June 26 statement.
Instead of executing migrations for Ocean Protocol (OCEAN) and Fetch.ai (FET) on behalf of users, the exchange plans to continue supporting trading for each asset until further notice.
Coinbase said it will allow users to perform migrations through their self-custodial wallets, including but not limited to Coinbase Wallet. Coinbase said the token merger would support “all major software wallets.”
Coinbase does not support trading of SingularityNET (AGIX), a third token that will merge with OCEAN and FET in July. It did not comment on AGIX in its latest statement.
Other exchanges declare support
Fetch.ai has described broader plans for exchanges to support the merger. Starting July 1, cooperating exchanges will close AGIX and OCEAN deposits and withdrawals while allowing FET deposits, withdrawals, and trading to continue. Exchanges will eventually delist AGIX and OCEAN.
The ASI token will launch in mid-July. Users will be able to convert tokens they hold in self-custody. Finally, exchanges will migrate spot markets from FET to ASI.
Several exchanges are roughly following the timeline. Bitfinex said it will halt the availability of affected tokens it currently supports on July 2. HTX, Bitget, Binance, and KuCoin have described plans to halt availability starting on July 1. Crypto.com will halt availability on June 28.
The above exchanges โ excluding KuCoin โ have already announced plans to automatically merge the three tokens for users but did not provide an exact date.
Merger to challenge Big Tech
The token merger and the creation of the Superintelligence Alliance represent coordination between three major crypto projects focused on the AI sector.
The merger aims to promote the growth of decentralized AI infrastructure, focusing on AGI and superintelligence while challenging Big Tech’s dominance over the sector. Furthermore, the strategy is expected to position the ASI token as the largest decentralized AI token by market cap.
The three existing tokens currently have a combined cap of $5.8 billion.
Mentioned in this article
Artificial Superintelligence Alliance 
SingularityNET 
Ocean Protocol 
Coinbase 
KuCoin 
Binance 
HTX 
Bitfinex 
Bitget 
Crypto.com 
Coinbase Wallet Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Fetch.AI, founded in 2017 and launched on Binance in March 2019, is an innovative platform combining artificial intelligence with blockchain technology.
SingularityNET
$0.55580
SingularityNET is a decentralized marketplace for AI services.
Ocean Protocol
$0.55006
Ocean Protocol is a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
KuCoin
KuCoinโฏis a global cryptocurrency exchange for numerous digital assetsโฏand cryptocurrencies that launched in September 2017.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Bitget
Bitget is a Seychelles-based cryptocurrency exchange platform established in 2018 that provides services for trading various digital assets.
Crypto.com
Crypto.com was founded in 2016 on a simple belief: itโs a basic human right for everyone to control their money, data and identity.
Coinbase Wallet is a software product that gives you access to a wide spectrum of decentralized innovation – buy and store ERC-20 tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps (DApps), shop at stores that accept cryptocurrency, and send crypto to anyone around the world..
