Last Updated on June 28, 2024 by COINBUZZFEED

Fetch.ai has announced the upcoming merger of $OCEAN and $AGIX tokens into $FET. This strategic move aims to consolidate these assets, streamline operations, and enhance the ecosystem’s overall efficiency. The merger has garnered widespread support, with major centralized exchanges (CEXs) like Coinbase confirming the swap via custodial wallets.

Understanding the Merger

Fetch.ai, a leading decentralized machine learning network, is merging $OCEAN and $AGIX tokens into its native $FET token. This merger aims to simplify the token ecosystem, making it easier for users to manage their assets and for the platform to develop and expand its functionalities. Holders of $FET need not take any action, as the tokens are already supported across all major CEXs.

No Need for Delisting or Relisting

One of the key highlights of this merger is that centralized exchanges (CEXs) do not need to delist or relist $FET. The token is already listed and actively traded on these platforms, ensuring a seamless transition for existing token holders. This aspect of the merger minimizes disruption and provides continuity for traders and investors.

Custodial Wallet Swap on Coinbase

Coinbase, one of the largest cryptocurrency exchanges, has announced that the swap will be facilitated via custodial wallets. This approach ensures security and ease of access for users during the transition period. While each exchange has its own processes and timelines, the overall merger plan remains on track, with efforts being made to address any issues that arise promptly.

Community Support and Progress

The merger has received substantial support from the cryptocurrency community and stakeholders. Fetch.ai has been transparent about the process, providing regular updates and working diligently to resolve any concerns. The community’s backing underscores confidence in Fetch.ai’s vision and its potential to drive innovation in decentralized machine learning and artificial intelligence.

What This Means for Token Holders

For holders of $FET, the merger simplifies the token landscape. By consolidating $OCEAN and $AGIX into $FET, users benefit from a unified token that supports a broader range of functionalities within the Fetch.ai ecosystem. There is no immediate action required from $FET holders, as the tokens are already integrated into existing exchange listings.

Timeline and Future Outlook

The timeline for the merger has not changed, and Fetch.ai remains committed to completing the process efficiently. As the merger progresses, users can expect continued communication from Fetch.ai, ensuring they are informed and prepared for any changes. The successful merger will position Fetch.ai to better leverage its technological advancements and expand its influence in the blockchain and AI sectors.

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