tl;dr
The Artificial SuperIntelligence Alliance (ASI) merger between Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) is set to commence on July 1. Humayun Sheikh, the founder of Fetch.ai, clarified that Coinbase will not support the token merger, but this will not affect FET as it is alr...
July 1 marks the commencement of the ASI Alliance merger between Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN).
Humayun Sheikh clarifies the role of Coinbase in the merger process, stating that CEXes do not need to delist or relist FET as it is already listed on these platforms.
AGIX and OCEAN will be integrated into FET at a predefined ratio, transforming FET into an ASI token. Despite Coinbase's decision not to support the alliance on its main exchange, swaps between the tokens in the alliance will take place via its custodial wallets.
Many exchanges are supporting the merger, and the process will continue as planned, despite intense selling pressure on the respective tokens.
The Artificial SuperIntelligence Alliance (ASI) merger between Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) is set to commence on July 1.
At the time of writing, FET is down by 10.42% to $1.45, AGIX is down by 9.14% to $0.6118, and OCEAN has plunged by more than 9% to $0.6092.
In a bid to grant clarity to the community, Humayun Sheikh, the founder of Fetch.ai, has come out to clear the air regarding the role of the Coinbase exchange in the process.
In an unusual move, Coinbase has come to disclose that it does not plan to support the tripartite token merger. Responding to this, Humayun noted that this will not be an issue, as centralized exchanges (CEXes) do not need to either list or relist FET. This, he noted, is because FET is already listed on these platforms.
Per the arrangement of the merger, the duo of AGIX and OCEAN will first be integrated into FET at a predefined ratio unveiled earlier. After this, FET will now metamorphose into an ASI token.
The team has opened a dialogue with Coinbase and hopes to get some resolutions soon. Humayun noted that different trading platforms have their unique processes to support the ASI Alliance.
Ultimately, Humayun noted that many exchanges are supporting the merger, and the process will continue as planned. The respective tokens are undergoing intense selling pressure at the moment, considering the uncertainty in the ecosystem.
At the time of writing, FET is down by 10.42% in 24 hours to $1.45, AGIX is down by 9.14% to $0.6118, and OCEAN has plunged by more than 9% to $0.6092.
More about Forum Energy Technologies Inc
Forum Energy Technologies Inc Summary
Forum Energy Technologies, Inc. designs, manufactures, and distributes products for the oil and natural gas industry in the United States and internationally. The company is headquartered in Houston, Texas.
Sector: Technology
Industry: Oil & Gas Field Machinery & Equipment
Market Cap: 205.26B
Dividend Yield: None
Beta: -2.36
Current Price: $70.19
Price Change: -3.42%
Volume: 752.30M
Relative Strength Index (RSI): 30
Price/Earnings Ratio: -0.578
Earnings per Share: $0.071