- SingularityNET, Fetch.AI, and Ocean will soon form an alliance.
- Coinbase has taken a position ahead of the upcoming ASI merger.
- The ASI merger will take place in several stages and is expected to commence shortly.
The cryptocurrency industry is alarmed by a proposed merger between three AI pioneers: Fetch.ai, SingularityNET, and Ocean Protocol. In May 2024, these issuers announced their collaboration, sparking excitement among holders and investors about its potential to democratize AI development and access.
However, as cryptocurrency exchange Coinbase rejected it, expectations about the merger of these three companies may not spread to everyone.
Coinbase halts ASI merger
Coinbase announced that it will not support the upcoming $7.5 billion merger of Fetch.ai, SingularityNET, and Ocean Protocol. Coinbase Assets said in a tweet Wednesday that it will not be executing transfers of assets on behalf of users involved in the merger.
The exchange’s decision means that users will need to manually transfer their $FET, $OCEAN and $AGIX holdings using self-custodial wallets to participate in the $ASI merger.
Coinbase offers an alternative, emphasizing that wallets such as Coinbase Wallet can be used for this purpose, adding that the ASI token merger will be compatible with all major software wallets.
Coinbase’s decision comes just days before the expected merger launch.
What is ASI Merger?
The ASI merger, scheduled to begin on July 1, 2024, will see Fetch.AI’s FET token, Ocean Protocol’s OCEAN token, and SingularityNet’s AGIX token converge into a single $ASI token that will function on a unified, decentralized AI network, providing scale and power.
The merger will take place in two stages. The first will focus on merging the three tokens on the Ethereum blockchain before focusing on onboarding community members.
Due to migration preparations, deposits and withdrawals for AGIX and OCEAN will be terminated. However, deposits, withdrawals and trading of FET tokens will continue as usual.
According to a release shared with DailyCoin, the alliance will be led by Ben Goertzel, Humayun Sheikh, Bruce Pon, and Trent McConaghy, with the underlying entities continuing to operate as separate entities while collaborating on the shared ecosystem and alliance operations.
from the other side
- At the time of reporting, Fetch.ai(FET), SingularityNet (AGIX) and Ocean Protocol (OCEAN) They are trading at $1.57, $0.6567, and $0.6594, respectively.
- Some users criticized Coinbase’s decision to merge with ASI.
- ASI also announced plans to launch Artificial General Intelligence (AGI), software with human-like intelligence and quality.
Why This Matters
Coinbase did not give a reason, but the refusal to support the upcoming ASI merger suggests some hesitation on the part of the exchange. Nevertheless, the decision is unlikely to affect or change the success of the upcoming merger.
To learn more about ASI merging, read this article.:
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