SingularityNET reportedly in talks with Fetch.ai and Ocean Protocol for $7.5b token merger

Blockchain projects focused on artificial intelligence SingularityNET, Fetch.ai and Ocean Protocol are reportedly in talks to merge their tokens into one coin called ASI.

According to Bloomberg’s sources familiar with the matter, the three artificial intelligence (AI)-focused blockchain firms are in advanced talks, nearing a consensus to merge their tokens into a single entity. This move aims to consolidate their tokens into an ASI token, potentially attributing a value of approximately $7.5 billion to the merged entity.

The proposed announcement of the merger, anticipated as soon as Wednesday, is contingent upon receiving community approval from all entities involved. Despite the merger, the three platforms would maintain their independence, the sources note.

The firms are expected to collaborate under the supervision of a “Superintelligence Collective,” led by Ben Goertzel, the founder of SingularityNET. Humayun Sheikh, CEO of Fetch.ai, is expected to be appointed as chairman in this collaborative effort.

As of press time, neither SingularityNET, Fetch.ai, nor Ocean Protocol has issued any public statements regarding the matter. Amid the news, SingularityNET’s AGIX token jumped by 10%, while Fetch.ai’s FET gained 15%, according to CoinGecko data.

The news surfaces as the crypto market explores new opportunities in the field of artificial intelligence, aiming to diversify its assets. As crypto.news previously reported, Tether, the largest stablecoin issuer by market value, is also expanding its presence in this sector, with a new unit focused on the development of open-source AI models and plans to collaborate with other companies to incorporate these models into products aimed at tackling “real-world challenges.”