Fetch.ai Founder Addresses Coinbase ASI Merger Rejection
In a recent statement, Humayun Sheikh, the founder of Fetch.ai, has responded to Coinbase’s announcement that it will not support the token merger between Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN). Sheikh clarified that this rejection by Coinbase will not impact the merger process, as FET is already listed on centralized exchanges (CEXes). He assured the community that they are actively working to resolve any issues and urged stakeholders to be patient. Sheikh mentioned that the Fetch.ai team is in ongoing discussions with Coinbase and hopes to find a resolution soon.
Regarding the merger itself, Sheikh explained that AGIX and OCEAN will first be integrated into FET according to a predetermined ratio, resulting in FET becoming an ASI token. He highlighted that although Coinbase stated that its main exchange will not support the alliance, the platform will still facilitate the swapping of tokens within the alliance through its custodial wallets. Sheikh emphasized that different trading platforms have their own unique processes to support the ASI Alliance.
Despite the rejection from Coinbase, Sheikh reassured the community that many other exchanges are supportive of the merger, and the process will continue as planned. However, the uncertainty surrounding the situation has led to increased selling pressure on the respective tokens. As of now, FET has experienced a 10.42% decrease in value in the past 24 hours, trading at $1.45. AGIX has fallen by 9.14% to $0.6118, while OCEAN has plummeted by over 9% to $0.6092.