TL;DR
- Fetch.ai founder Humayun Sheikh has addressed the controversy surrounding the token merger that will lead to the Artificial SuperIntelligence Alliance (ASI).
- Sheikh has assured that Coinbase’s lack of support will not hinder the merger, as FET is already listed on several centralized platforms.
- Despite the selling pressure on the involved tokens, Sheikh emphasized that the merger will continue as planned.
Fetch.ai founder Humayun Sheikh has come forward to address the recent controversy regarding the token merger that will lead to the creation of the Artificial SuperIntelligence Alliance (ASI). The merger involves Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN). It is scheduled to begin on July 1 and has generated significant anticipation both technologically and financially.
Humayun Sheikh spoke about the stance of Coinbase, one of the most important cryptocurrency exchanges, which has decided not to support the merger of these three tokens on its platform. Despite this decision, Sheikh assured that this will not be an obstacle for the merger. According to him, FET is already listed on several centralized exchanges (CEX), so it is not necessary for Coinbase to relist the token.
$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
The merger will proceed in two stages: first, AGIX and OCEAN will be integrated into FET at a previously established ratio, and then FET will transform into the ASI token. Although Coinbase has opted not to support this merger, it has confirmed that it will allow swaps between these tokens through its custodial wallets. Sheikh clarified that different platforms have their own processes to support the ASI alliance and that many other exchanges are showing their support for the merger.
Coinbase Causes Fetch.ai to Fall
Coinbase’s decision has generated significant selling pressure on the involved tokens. Currently, FET has fallen 4.42% in the last 24 hours, standing at $1.44, AGIX has dropped 3.85% to $0.6096, and OCEAN has decreased by more than 3.52%, reaching $0.6082.
Despite this setback, Sheikh emphasized that the merger will continue as planned. The Fetch.ai team has opened a dialogue with Coinbase in hopes of resolving the situation soon. The community and investors are watching future developments closely, as this merger has the potential to revolutionize multiple sectors by optimizing data exchange and monetization on a global scale.
