Fetch.AI, SingularityNET and Ocean Protocol $7.5 billion merger into ASI token approved

Source Fxstreet

Apr 17, 2024 10:38

Fetch.AI, SingularityNET and Ocean Protocol approve the merger of their tokens into the Artificial Superintelligence Alliance.
ASI could rank in the top 20 cryptocurrencies by market capitalization with a combined value of $7.5 billion, from FET, AGIX, and OCEAN.
AGIX and OCEAN will migrate to ASI and FET will become ASI token, whose official launch is slated for May.

The Artificial Intelligence (AI) narrative is gathering steam among crypto market participants with the approval of the merger of three major tokens: Fetch.AI (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN). The three AI protocols have a combined market capitalization of $7.5 billion and could rank in the top 20 crypto assets once they become Artificial Super Intelligence (ASI) token.

AGI token prepares for May launch

FET, AGIX and OCEAN have joined forces to create an AI token to challenge the dominance of leading technology giants in the field of Artificial Intelligence. According to an announcement on Fetch.AI blog on Tuesday, the merger and the creation of ASI has been approved and with the combined efforts of the three protocols, the alliance aims to create a decentralized infrastructure to accelerate the development of an Artificial General Intelligence (AGI) development.

Alliance communities of Fetch.AI and SingularityNET voted in favor of the merger, which will proceed as follows:

FET becomes ASI with a total supply of 2.63055 billion tokens.
AGIX tokens migrate to ASI at a conversion rate of 0.433350 to 1.
OCEAN tokens migrate to ASI at a conversion rate of 0.433226 to 1.

The three protocols will maintain their independence and enhance collaboration through the new initiative, governed by a council. The governing council will have Humayun Sheikh of Fetch.AI as Chairman and Ben Goertzel from SingularityNET as the CEO.

Ocean Protocol’s Trent McConaghy and Bruce Pon will have a seat on the newly-created council too. The official announcement states that ASI will be launched in May.

FET, AGIX and OCEAN prices are down between 1% and 2% on the day and accumulate nearly 20% losses on the weekly time frame.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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