Fetch.ai CEO Clarifies Partnership with OCEAN, AGIX

Humayun Sheikh Fetch.ai CEO, clears the air on the misconceptions surrounding their partnership with OCEAN and AGIX.

Recently, Humayun Sheikh, the founder of Fetch.ai, visited X to discuss the platform’s potential integration with SingularityNET and Ocean Protocol.

Coinbase Withdraws Support for the Merger of ASI Tokens

Coinbase Global Inc (NASDAQ: COIN), an American cryptocurrency exchange, declined to endorse the merger mere days before its commencement.

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

Sheikh responded by asserting that centralized exchanges are not required to delist or relist Fetch.ai’s FET token. Similarly, those who possess the token were advised to refrain from acting. He reassured users that his team would address any issues Coinbase’s decision may generate.

The proprietor of Fetch.ai thinks that the exchange has its reasons for withdrawing its support for the token merger. Nevertheless, the merger’s timeline must be clarified, as it will proceed according to the established course.

Coinbase, on the other hand, has announced that it will continue to permit the trade of FET and Ocean Protocol’s OCEAN until further notice. For this purpose, it provided users with a workaround:

“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 establish the Artificial Superintelligence Alliance (ASI). This will further the objectives of merging their respective tokens to establish a singular ASI token. It is important to note that this strategic move will initially combine SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch.ai’s FET in the first iteration. Subsequently, the tokens will transition to the ASI ticker.

This implies that holders of OCEAN and AGIX on other blockchains would be required to either undertake a bridging process to Ethereum to participate in the Phase 1 merger or refrain from doing so until Phase 2.

More blockchains, such as Cardano and Polygon, will be supported in Phase 2. The ASI token will be deployed across multiple blockchains, and community members will be onboarded during this process.

The merger’s objective is to improve the efficacy of token holders and streamline operations. Consequently, the merger would represent a significant milestone in advancing Decentralized Finance (DeFi) and AI ecosystems.

It is essential to mention that the operations of the parties concerned will not be affected by the merger. The three businesses would continue to operate as independent entities while collaborating under the supervision of a Superintelligence Collective, which SingularityNET CEO Ben Goertzel would head following the merger’s approval.

The entities concerned have indicated that the $7.5 billion token merger is set to commence on July 1. On the designated day, numerous cryptocurrency exchanges intend to facilitate the merger by automatically converting users’ token holdings.