Fetch.ai Founder Clears Key Misconceptions about Merger with OCEAN and AGIX

UTC by Godfrey Benjamin · 3 min read
Fetch.ai Founder Clears Key Misconceptions about Merger with OCEAN and AGIX
Photo: Depositphotos

Sheikh stated that centralized exchanges do not need to either delist or relist Fetch.ai’s FET token.

Humayun Sheikh, the founder of Fetch.ai recently took to X to share insights into the platform’s proposed merger with SingularityNET and Ocean Protocol.

Coinbase Withdraws Support For ASI Token Merger

Just a few days before the start of the merger process, American cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) decided against supporting the move.

“Coinbase will not execute the migration of these assets on behalf of users,” the exchange said.

In response to this statement, Sheikh stated that centralized exchanges do not need to either delist or relist Fetch.ai’s FET token. In like manner, those who hold the token were advised to do nothing. He assured users that his team would resolve whatever issues Coinbase’s decision may trigger.

The Fetch.ai founder believes that the exchange has its reasons for pulling out its support for the token merger. Notwithstanding, the timeline for the merger remains unchanged as it will go as planned.

Meanwhile, Coinbase said it will allow FET and Ocean Protocol’s OCEAN trades as usual until further notice. To this end, it shared a workaround for users:

“Once the migration has launched, 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.”

SingularityNET, Fetch.ai, and Ocean to Merge Tokens

The three protocols will form the Artificial Superintelligence Alliance (ASI). This will amplify the plans to merge their respective tokens to create a single ASI token. Noteworthy, this strategic move will initially merge SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch.ai’s FET as the first phase. Thereafter, the tokens will now transition to the ASI ticker.

This means that OCEAN and AGIX holders on other blockchains would have to conduct a bridging process to Ethereum to participate in the Phase 1 merger or just hold off till Phase 2.

Phase 2 will support more blockchains like Polygon and Cardano. This process will involve the deployment of the ASI token across multiple blockchains and onboarding community members.

The aim of the merger is to streamline operations as well as enhance efficiency for token holders. Accordingly, the merger would be a major turning point in the development of Decentralized Finance (DeFi) and AI ecosystems.

It is worth noting that the merger will not impact on the operations of the involved parties. Upon approval of the merger, the three businesses would carry on as independent entities while cooperating under the direction of a Superintelligence Collective led by SingularityNET CEO Ben Goertzel.

According to the entities involved, this $7.5 billion token merger is scheduled to commence as of July 1. Several cryptocurrency exchanges plan to support the merger by automatically converting users’ token holdings on the designated day.

Blockchain News, Cryptocurrency News, News
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