Reports indicate that SingularityNET, Fetch.ai, and Ocean Protocol, prominent blockchain projects focusing on artificial intelligence, are in discussions to merge their tokens into a single coin named ASI.
Sources familiar with the matter revealed to Bloomberg that the three AI-focused blockchain companies are in advanced talks, nearing an agreement to merge their tokens into one entity. This potential merger seeks to consolidate their tokens into an ASI token, which could potentially value the merged entity at around $7.5 billion.
The announcement of the merger is expected soon, with Wednesday being a likely target date, pending community approval from all parties involved. Despite merging their tokens, the three platforms intend to maintain their independence, according to the sources.
Under the proposed merger, the companies would collaborate under the oversight of a “Superintelligence Collective,” headed by Ben Goertzel, the founder of SingularityNET. Humayun Sheikh, CEO of Fetch.ai, is anticipated to assume the role of chairman in this joint endeavor.
As of now, SingularityNET, Fetch.ai, and Ocean Protocol have not issued any public statements regarding the potential merger. However, upon the emergence of this news, SingularityNET’s AGIX token saw a 10% increase, while Fetch.ai’s FET gained 15%, as per CoinGecko data.
The news comes at a time when the crypto market is exploring opportunities in artificial intelligence, aiming to diversify its assets. Tether, the largest stablecoin issuer by market value, has also ventured into this sector, with a new unit dedicated to developing open-source AI models. Tether plans to collaborate with other companies to integrate these models into products aimed at addressing real-world challenges.
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