Fetch.ai Founder Breaks Silence on Coinbase ASI Merger Rejection

by

As a crypto investor who holds FET, AGIX, and OCEAN, I find the recent development surrounding the ASI merger between these three projects both intriguing and somewhat concerning. Humayun Sheikh’s clarification regarding Coinbase’s decision not to support the merger was much-needed for the community, as it had created uncertainty around the process.

The Artificial SuperIntelligence Alliance (ASI), comprised of Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), is set to merge starting July 1. Humayun Sheikh, founder of Fetch.ai, has addressed the community’s concerns by explaining Coinbase’s involvement in this process.

In an unexpected announcement, Coinbase revealed that it won’t be participating in the three-party token merger for FET. In response to this, Humayun stated that this wouldn’t pose a problem since centralized exchanges (CEXs) don’t have to add or re-add FET to their lists because it’s already there.

I’m here to provide some clarity on recent developments. FET is now an ASI (Asset Sidechain Integration) token, and both Ocean and Agix are merging into it under this new structure. Consequently, CEXs (Centralized Exchanges) don’t need to delist or relist FET; it will continue to be available on their platforms. If you currently hold FET, no action is required from your end. Rest assured, our team is working diligently to address any potential issues that may arise during this transition. The timeline for the completion of this process remains unchanged. Coinbase has merely announced that the swap will occur on their platform, and we’ll keep you updated on any further developments.— Humayun (@HMsheikh4) June 27, 2024

According to the merger agreement, AGIX and OCEAN will initially be merged into FET at a previously announced ratio. Following this integration, FET will undergo a transformation into an ASI token. The Fetch.ai founder has initiated discussions with Coinbase in the hope of achieving favorable outcomes soon.

As a researcher, I’d like to bring your attention to an intriguing observation made by Humayun. Although Coinbase stated that its primary exchange would not be supporting the ASI Alliance, Humayun emphasized that swaps between tokens in the alliance could still occur through Coinbase’s custodial wallets. He also highlighted that various trading platforms adopt distinct procedures to facilitate the ASI Alliance.

As a analyst, I’ve observed that a significant number of cryptocurrency exchanges have expressed their support for the upcoming merger. Despite this, both tokens involved are currently experiencing heavy selling due to the prevailing uncertainty within the ecosystem.

Currently, FET has dropped 10.42% within the last 24 hours to a price of $1.45. AGIX is also down by nearly 9.14%, resulting in a price of $0.6118. The value of OCEAN has experienced a significant decrease, falling more than 9% to reach $0.6092.

Read More

2024-06-28 16:41