Binance Supports Integration of FET, Agix and Ocean Tokens into New ASI Token

Leading global cryptocurrency exchange Binance has announced its support for the upcoming merger of AI-based tokens Fetch.ai (FET), SingularityNet (Agix) and Ocean Protocol (Ocean) into a single token called 'Artificial Super Intelligence' (ASI).

This announcement follows a recent update from three AI companies regarding a delay in their planned consolidation. The consolidation is scheduled to be completed by July 15 due to unresolved logistical and technical issues at the exchange level.

Foreign exchange preparations and trade suspension

To facilitate the merger, Binance will suspend all deposits and withdrawals of FET, Agix, and Ocean tokens starting July 1, 2024. Additionally, spot trading of these tokens will be stopped on the same day and futures will end on June 25. To avoid trouble, the exchange advises token holders to ensure that all deposits are completed before the suspension.

Binance has committed to managing all technical aspects of the transition and promised to notify users when the new ASI token becomes available for deposits and withdrawals. As part of the terms of the merger, token holders on certain Binance products will have their FETs automatically converted into 1-to-1 ASIs unless they opt out; In this case, their original tokens will be returned to their spot wallets.

This conversion process is critical to facilitate the integration of the three tokens into the new ASI token. Following the merger announcement, the value of all three AI tokens dropped significantly, reflecting a broader downturn in the cryptocurrency market. FET fell 9% to $1.45, Agix fell 8% to $0.61, and Ocean fell 8.5% to $0.62. This decline reflects the market's reaction to significant structural changes in the merger process.

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