The end of support for the ASI token merger by Coinbase has caused concern among users, but Humayun Sheikh has since provided reassurance.
Founder of Fetch.ai (FET), Humayun Sheikh, has attempted to reassure users who have been concerned by Coinbase’s decision to not support the company’s proposed merger with SingularityNET (Agix) and Ocean Protocol (Ocean) into the Artificial Superintelligence Alliance. He stated that “all exchanges have their reasons and methodologies,” but the tie-up will proceed as scheduled.
The merger of the three decentralized AI firms will result in the development of a new token known as “Artificial Superintelligence” (ASI). The aggregate of all three tokens—Agix, Ocean, and FET—will be ASI. The companies have announced that the agreement will be executed in stages, with the initial phase commencing on July 1.
Coinbase announced on Wednesday, June 26, that it would not support the merger process, just a few days prior. “Coinbase will not process the migration of these assets on behalf of its consumers,” the exchange stated on X.
The U.S. cryptocurrency exchange has announced that it will continue to permit the trading of FET and Ocean tokens until further notice. Additionally, it has provided a strategy for users to transfer their tokens to ASI using a self-custodial wallet.
Sheikh responded by stating on X (Twitter) that centralized exchanges, such as Coinbase, are not required to delist or relist the FET token, as it will remain in circulation both during and after the merger. The CEO and proprietor of Fetch.ai advised current holders of FET tokens to refrain from taking any action.
In accordance with the merger agreement, the FET token will serve as the Alliance’s primary currency. We will disseminate a total of 2.631 billion ASI tokens to replace the current FET, Agix, and Ocean tokens. Fixed exchange rates were available for the conversion of all tokens into ASI.
One-to-one swapping of FETs into ASI is feasible. For instance, holders of 100 FET tokens will have the ability to exchange them for 100 ASI. Holders of Agix tokens will receive 867 million additional ASI tokens, while Ocean token holders will receive 611 million at a fixed rate.
Binance, Bitfinex, and Bitget are among the exchanges that have expressed their endorsement of the merger. According to CoinGecko, FET is down 8.6% to $1.41, Agix is down 7.8% to $0.59, and Ocean token is down 7.4% to $0.60 at the time of writing.
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