Fetch.ai’s founder, Humayun Sheikh, has moved to reassure stakeholders following Coinbase’s decision not to support the planned merger between Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN). Despite this setback, the merger, which will result in the creation of a new token called ‘Artificial Superintelligence’ (ASI), will proceed as planned.
On June 26, just days before the merger’s initial phase, Coinbase announced that it would not facilitate the migration of FET, AGIX, and OCEAN tokens into ASI. The U.S. cryptocurrency exchange confirmed that trading of FET and OCEAN tokens would continue until further notice and outlined a plan for users to convert their tokens to ASI using self-custodial wallets.
In response to Coinbase’s announcement, Sheikh posted on X (formerly Twitter), emphasizing that centralized exchanges like Coinbase have their own methods and reasons but do not need to delist or relist the FET token. He reassured FET token holders that their tokens would remain in circulation throughout and after the merger. “We are working hard to resolve any issues; please bear with us. All exchanges have their reasons and methods, but the merger is going ahead, and we are seeing huge support from all,” Sheikh stated.
The merger, set to begin on July 1, will see the existing tokens—FET, AGIX, and OCEAN—combined to form ASI. Under the merger’s terms, FET will act as the base currency for the Alliance. A total of 2.631 billion ASI tokens will be distributed, replacing the current tokens at fixed exchange rates. Holders of FET will be able to swap their tokens one-to-one for ASI, while additional ASI tokens will be allocated to AGIX and OCEAN holders—867 million and 611 million respectively.
The merger has garnered support from several prominent exchanges, including Binance, Bitget, and Bitfinex, signaling confidence in the project despite Coinbase’s stance. As the transition date approaches, FET token holders have been advised to remain patient and retain their tokens.
Fetch.ai’s primary goal with this merger is to enhance the capabilities and reach of decentralized artificial intelligence by consolidating resources and efforts from three significant players in the AI and blockchain space. The creation of ASI aims to streamline operations and provide a unified platform for advancements in artificial intelligence.
This move is a significant step for Fetch.ai, SingularityNET, and Ocean Protocol, aligning their technological strengths to foster innovation in AI. The consolidation is expected to drive efficiency and provide a robust framework for future developments in artificial intelligence and decentralized technology.
While Coinbase’s decision might have caused temporary uncertainty, the broader crypto community’s support underscores the potential and promise of this merger. The combined expertise and resources of the three firms are anticipated to create a formidable presence in the AI and blockchain sectors.
Despite the immediate market reactions—FET dropping 8.6% to $1.41, AGIX falling 7.8% to $0.59, and OCEAN declining 7.4% to $0.60 according to CoinGecko—the long-term outlook remains optimistic. The phased merger process is designed to ensure stability and provide clear pathways for token holders to transition to ASI.
The backing from other exchanges and the strategic vision behind the merger suggest that the formation of the Artificial Superintelligence Alliance will be a significant milestone in the AI and blockchain industries. This alliance aims to foster greater innovation, improve efficiencies, and expand the reach of decentralized AI technologies.
As Fetch.ai, SingularityNET, and Ocean Protocol move forward with their merger plans, stakeholders are encouraged to stay informed and follow updates from official channels. The transition to ASI represents a forward-thinking approach to harnessing the full potential of artificial intelligence within a decentralized framework.
With a clear roadmap and substantial industry support, the Artificial Superintelligence Alliance is poised to make a lasting impact on the future of AI and blockchain technology. As the merger progresses, the focus remains on delivering value and innovation to token holders and the broader tech community.
