The CEO of artificial intelligence (AI)-focused Fetch.ai (FET) said its planned token merger will go ahead despite not being backed by Coinbase.
In a new thread on social media platform X, Humayun Sheikh, CEO of Fetch.ai, said that the planned AI token merger between FET, Ocean Protocol (OCEAN), and SingularityNet (AGIX) is still set to happen.
“OCEAN and AGIX are merging into FET. Centralized exchanges (CEX) do not need to delist or relist FET. It is already there. If you are holding FET, do nothing. We are working hard to resolve the issue. Thank you for your understanding.
The timeline has not changed. Coinbase announced that the swap will be done through their custodial wallet. Every exchange has their own reasons and methods, but the merger is happening and everyone is very supportive.”
Earlier this week, Coinbase, the largest US cryptocurrency exchange, announced that it would not support token mergers between three altcoins. At the time, Coinbase said customers would have to initiate the merger themselves.
“Ocean and Fetch.ai announced that they are merging to form the Artificial Superintelligence Alliance (ASI). Coinbase will not be performing any migration of these assets on behalf of users…
Once the migration begins, users will be able to migrate OCEAN and FET to ASI using a self-managed wallet such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.”
The merger, first announced in March, aims to form a superintelligence alliance designed to transform how AI “everyone creates, shares, and uses.”
The first phase of the merger is scheduled to take place on July 1.
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