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Coinbase Users Fuming After Exchange Bungles AI Token Merger

Last Updated June 28, 2024 1:02 PM
James Morales
Last Updated June 28, 2024 1:02 PM

Key Takeaways

  • Next week, Fetch.AI (FET) SingularityNET (AGIX) and Ocean Protocol (OCEAN) will merge to form a new combined Artificial Superintelligence (ASI) token.
  • However, Coinbase has said it will not automatically migrate to the new ASI token.
  • Coinbase users have expressed frustration after discovering that they will have to manually execute the migration off-platform.

Ahead of an upcoming AI token merger, leading cryptocurrency exchanges have made plans to support the migration from SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) to a new combined Artificial Superintelligence (ASI) token. But for some reason, Coinbase isn’t among them.

After discovering that Coinbase would not automatically migrate OCEAN to FET or FET to ASI (the exchange does not list AGIX), users expressed frustration and the poor level of customer service.

Coinbase Won’t Migrate Tokens for Users

First announced in March, the upcoming ASI merger will see each AGIX and OCEAN converted to FET at an exchange rate of 1/0.433350 and 1/0.433226 respectively. The consolidated FET token will then migrate to the new ticker ASI. 

Rather than requiring users to implement the transition themselves, Binance  (but not Binance US ), Bitfinex  and other major exchanges have all stated that they will automate the process, delisting the old trading pairs and replacing them with new ASI ones.

But in a statement on Wednesday, Coinbase said users will need to carry out the migration themselves using a self-custodial wallet. “Trading support will continue for FET and OCEAN until further notice,” it added.

Users Lament Coinbase ASI Failure

In comments on an X post announcing Coinbase’s decision, users expressed their frustration with the exchange

“It’s crazy to me [that] every other exchange supports this and you don’t,” declared one typical response. 

“Keep this up and people are going to start leaving for other exchanges,” wrote another. 

right on cue, several alleged Coinbase customers even claim to have ditched the platform over the ASI affair, with some users stating that they have already transferred their FET to Binance.

FET, AGIX and OCEAN Retrace Gains 

Following Coinbase’s announcement, the FET/USD market on the platform declined in comparison to other exchanges, exacerbating what has been a difficult two days for the token.

Having surged by as much as 40% in the week to Wednesday, the FET/AGIX/OCEAN rally eventually ran out of steam.

Since peaking at $1.83, FET has since collapsed to $1.46 at the time of writing, erasing its gains from earlier in the week. Being tied together by the fixed ASI exchange rate, AGIX and OCEAN have witnessed similar declines in value.

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