Coinbase Will Not Facilitate Merger of OCEAN, FET and AGIX Tokens: Understand the Details

Coinbase, a leading cryptocurrency exchange, has announced that it will not facilitate the migration of two digital assets involved in the Artificial Super Intelligence (ASI) Alliance merger. The decision, revealed in a statement on June 26, signals a conservative approach by the exchange towards the merger of the Ocean Protocol (OCEAN) and Fetch.ai (FET) tokens.

Bucking the trend of some exchanges that are actively supporting migrations, Coinbase has chosen to allow its users to conduct migrations using their own self-custodial wallets, including Coinbase Wallet. The company highlighted that this option is available for “all major software wallets”, suggesting comprehensive support for its users, without directly intervening in the token merging process.

Ocean (OCEAN) and https://t.co/pOEE8X2oY0 (FET) have announced a merger to form the Artificial Superintelligence Alliance (ASI). Coinbase will not execute the migration of these assets on behalf of users.

— Coinbase Assets 🛡️ (@CoinbaseAssets) June 26, 2024

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Meanwhile, other trading platforms are adopting more integrated stances. Exchanges like Bitfinex, HTX, Bitget, Binance and KuCoin have adjusted their services to facilitate the merger process, which will begin on July 1st. These exchanges plan to end deposits and withdrawals of AGIX and OCEAN tokens, while continuing to accept transactions with the FET token, which will later be converted into the new ASI token.

The merger of OCEAN, FET and AGIX tokens aims to consolidate efforts to develop an infrastructure for artificial intelligence decentralized, directly confronting the predominance of large technology companies in the AI sector. With a current combined market cap of approximately $5,8 billion, the new token alliance is expected to intensify competition with technology giants, promoting significant innovations in the area of artificial general intelligence (AGI) and superintelligence.

This merger strategy reflects a strategic movement within the cryptocurrency ecosystem, focused not only on growth and innovation, but also on a collaborative and decentralized approach, essential to challenging and potentially reshaping the global technological landscape dominated by a few large corporations.

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