Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

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

Source Fxstreet

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.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Yesterday 01: 32

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

17 hours ago

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Popular Symbols