- The cryptocurrency industry is abuzz with the upcoming July 1 launch of the Artificial SuperIntelligence Alliance (ASI) merger involving Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN).
- This development has spurred various discussions within the crypto community, particularly concerning the role of major exchanges like Coinbase.
- Humayun Sheikh, founder of Fetch.ai, has stepped in to clarify questions and reassure the community about the merger’s procedures and status.
The merger of Fetch.ai, SingularityNET, and Ocean Protocol into the Artificial SuperIntelligence Alliance (ASI) could redefine the AI and blockchain landscape. Here’s what you need to know.
Coinbase’s Position on the ASI Merger
Coinbase has revealed that it will not support the tripartite token merger. However, Fetch.ai’s Humayun Sheikh assured that this would not impact the merger’s progression since FET is already listed on most centralized exchanges. Sheikh emphasized that holders of FET tokens need not take any action regarding the upcoming merger.
Integration and Token Conversion Process
As part of the merger, AGIX and OCEAN will initially be integrated into FET at predetermined ratios. Subsequently, FET will be converted into the ASI token. Sheikh highlighted ongoing discussions with Coinbase to seek resolutions, aiming to align with various exchange policies and processes for supporting the ASI tokens. Furthermore, while Coinbase’s main exchange won’t support the swap, custodial wallet swaps will be available, adding flexibility for the token conversions.
Market Reactions and Future Outlook
The market has reacted to the news with heightened selling pressure on the involved tokens, reflecting uncertainty among investors. FET has seen a drop of 10.42% in the last 24 hours, trading at $1.45. Similarly, AGIX and OCEAN have experienced declines, with AGIX down by 9.14% to $0.6118, and OCEAN falling over 9% to $0.6092. Despite these fluctuations, the support from many exchanges hints at a positive long-term outlook for the ASI token and its ecosystem.
Conclusion
The ASI merger involving Fetch.ai, SingularityNET, and Ocean Protocol stands as a significant milestone in the AI and blockchain domains. While the immediate market reaction has been cautious, the comprehensive strategies and ongoing clarifications from key players like Humayun Sheikh provide a robust foundation for future growth. Investors and stakeholders should stay informed as the ASI token launch approaches, carefully considering the evolving dynamics and potential long-term benefits.
