Why is Coinbase Opting Out of the ASI Token Merger Migration?

Coinbase has announced it will not facilitate the ASI token merger migration for users, diverging from other exchanges. Instead, it will continue trading support for Ocean Protocol (OCEAN) and Fetch. ai (FET) tokens while allowing users to handle migrations through self-custodial wallets, including Coinbase Wallet.

The ASI token merger, set to launch in mid-July, aims to combine OCEAN, FET, and SingularityNET (AGIX) into a single token to promote decentralized AI infrastructure and challenge Big Tech's dominance. The combined market cap of these tokens is currently $5.8 billion. While other major exchanges like Bitfinex, Binance, and KuCoin plan to support the merger and halt the affected tokens starting July 1 or 2, Coinbase’s decision stands out.

The merger 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. Despite not facilitating the migration, Coinbase’s continued support for trading and enabling self-custodial migrations still offers users a way to participate in the merger.

Coinbase's approach contrasts with other exchanges’ strategies, potentially affecting users who prefer custodial solutions. However, by maintaining trading support and shifting migration responsibility to users, Coinbase remains involved while promoting user autonomy in managing the token swap.

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