The industry is now looking ahead to the July 1 commencement of the Artificial SuperIntelligence Alliance (ASI) merger between Fetch.ai (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN). In a bid to grant clarity to the community, Humayun Sheikh, the founder of Fetch.ai, has come out to clear the air regarding the role of the Coinbase exchange in the process.
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In an unusual move, Coinbase has come to disclose that it does not plan to support the tripartite token merger. Responding to this, Humayun noted that this will not be an issue, as centralized exchanges (CEXes) do not need to either list or relist FET. This, he noted, is because FET is already listed on these platforms.
$fet is ASI. $ocean and $agix are merging into $fet. CEXs don’t need to delist or relist $fet it is there already. If you hold $fet do nothing. We are working hard to resolve any issues please bear with us. Timeline has not changed. @coinbase has only announced that the swap will…
— Humayun (@HMsheikh4) June 27, 2024
Per the arrangement of the merger, the duo of AGIX and OCEAN will first be integrated into FET at a predefined ratio unveiled earlier. After this, FET will now metamorphose into an ASI token. To the Fetch.ai founder, the team has opened a dialogue with Coinbase and hopes to get some resolutions soon.
He pointed the community to the fact that, though Coinbase said its main exchange will not support the alliance, he noted that the trading platform has also confirmed that swaps from one of the tokens in the alliance to another will take place via its custodial wallets. Humayun noted that different trading platforms have their unique processes to support the ASI Alliance.
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Ultimately, Humayun noted that many exchanges are supporting the merger, and the process will continue as planned. The respective tokens are undergoing intense selling pressure at the moment, considering the uncertainty in the ecosystem.
At the time of writing, FET is down by 10.42% in 24 hours to $1.45, AGIX is down by 9.14% to $0.6118 and OCEAN has plunged by more than 9% to $0.6092.
