Coinbase has decided against facilitating the upcoming migration of SingularityNet, Fetch.ai FET -6.43% , and Ocean Protocol AI tokens to the new Artificial Superintelligence Alliance (ASI) cryptocurrency.

The ASI token merger involves SingularityNET, Fetch.ai, and Ocean Protocol implementing a two-phase migration process starting on July 1.

This process will first see a migration of SingularityNET's AGIX and Ocean Protocol's OCEAN tokens into Fetch.ai's FET, followed by transitioning the resultant combined FET tokens into the new Artificial Superintelligence Alliance (ASI) cryptocurrency later in the month.

Token migration to form the new ASI cryptocurrency

However, on Wednesday, a Coinbase Assets X post said, "Ocean (OCEAN) and Fetch.ai (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."

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Coinbase provided a workaround, stating that once the migration launches, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet.

"The ASI token merger will be compatible with all major software wallets," Coinbase Assets X account added. Coinbase Assets also emphasized that although it will not facilitate the migration, users can continue to trade FET and OCEAN tokens as usual until further notice.

AI protocol token merger

In March, Fetch.ai, SingularityNET, and Ocean Protocol, entered into an agreement to merge tokens to create the combined Artificial Superintelligence Alliance (ASI) cryptocurrency.

The goal behind the merger is to create the largest open-sourced, independent player in AI research and development, according to a statement shared with The Block at the time. The teams said the rationale for the move was to capitalize on the rise of AI and the growth of the three AI projects, create a decentralized infrastructure at scale and accelerate investment into AI.

Despite the developments, the projects’ existing tokens have declined over the past 24 hours, with Fetch.ai (FET) falling 7.3% and SingularityNET (AGIX) dropping 6.9%. Ocean Protocol’s token, OCEAN, also decreased in value, down over 7%, according to The Block’s price page.