SingularityNET, Fetch.ai, and Ocean Protocol, three blockchain projects focused on artificial intelligence, are reportedly in discussions to merge their tokens and create a new coin named ASI.
Sources familiar with the matter, as reported by Bloomberg, indicate that the three AI-focused blockchain companies are in advanced negotiations and are close to reaching an agreement to combine their tokens into a single entity. This strategic move is aimed at streamlining their tokens into an ASI token, potentially valuing the merged entity at around $7.5 billion.
The anticipated announcement of the merger, expected to be made as early as Wednesday, is subject to obtaining community approval from all parties involved. Despite the merger, the three platforms are expected to maintain their independence, according to the sources.
It is anticipated that the companies will work together under the guidance of a “Superintelligence Collective,” with Ben Goertzel, the founder of SingularityNET, leading the effort. Humayun Sheikh, the CEO of Fetch.ai, is likely to be appointed as the chairman in this collaborative venture.
At the time of writing, SingularityNET, Fetch.ai, and Ocean Protocol have not made any public statements regarding the potential merger. Following the news, SingularityNET’s AGIX token saw a 10% increase, while Fetch.ai’s FET token rose by 15%, according to CoinGecko data.
This development comes as the cryptocurrency market explores new opportunities in the realm of artificial intelligence to diversify its assets. Tether, the leading stablecoin issuer by market value, is also expanding its footprint in this sector. They are launching a new unit dedicated to developing open-source AI models and plan to partner with other companies to integrate these models into products aimed at addressing real-world challenges.
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