The three firms will merge their crypto tokens under the auspices of AI-focused Web3 platform Fetch.ai’s FET, which will be renamed ASI.
AI has captured the attention of the technology world for the last year and a half, with concerns aired that tech giants like Microsoft, Alphabet and Meta will establish a hegemony over the sector.
The three-way merger of the crypto tokens of artificial intelligence-focused protocols Fetch.ai, SingularityNET and Ocean Protocol will complete on June 13.
The tokens will become one under the auspices of AI-focused Web3 platform Fetch.ai‘s (FET), which will be renamed ASI, for Artificial Superintelligence Alliance. As of June 11, users will be able to swap FET for ASI, with the native tokens of SingularityNET (AGIX) and Ocean Protocol (OCEAN) following when the merger completes two days later, the firms said on Wednesday.
AI has captured the attention of the technology world for the last year and a half, with concerns aired that tech giants like Microsoft (MSFT), Alphabet (GOOG) and Meta (META) will establish a hegemony over the sector. That’s partly what spurred the Web3 companies to try to build a decentralized AI infrastructure, where data is transparent and shared openly between contributors.
The three individual tokens are all up over 2% in the last 24 hours, according to CoinMarketCap data. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20) has dropped around 0.55%.
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CORRECTION (May 29, 15:14 UTC): Companies correct that the merger date applies only to token.