Attention Coinbase Users: Upcoming AI Token Merger Requires Action

 Major crypto exchange Coinbase throws a curveball at users holding AI tokens Ocean (OCEAN), Fetch AI (FET), and SingularityNET (AGIX).

These three leading AI-focused projects are merging into a unified entity called the Artificial Superintelligence Alliance (ASI). As part of this merger, their respective tokens will be consolidated into a single ASI token. While the ASI itself is scheduled to launch on July 1st, here's the wrinkle: Coinbase won't be automatically migrating tokens for its users.

This means Coinbase users holding OCEAN or FET will need to take manual steps to participate in the token swap. They'll have two options:

• Transfer their OCEAN and FET holdings to a self-custody wallet compatible with the Ethereum blockchain, like the Coinbase Prime Web3 wallet, and then perform the swap themselves using the ASI's mechanisms.
• Sell their OCEAN and FET on Coinbase and hold their funds in another cryptocurrency.

Coinbase does not currently support AGIX, so users holding that token will need to explore alternative exchanges or wallets for the swap.

The implications of Coinbase's decision are two-fold:

• Increased complexity for users: Manually swapping tokens adds an extra layer of complexity for Coinbase users who were likely expecting a seamless transition.
• Potential price impact: The news might lead to some users selling their OCEAN and FET holdings before the swap, which could cause a temporary price dip for these tokens.

Stay informed! While the long-term impact of the merger remains to be seen, Coinbase users holding OCEAN or FET should closely monitor the situation and decide on the best course of action.