Three Altcoins Surge After Their Companies Start Talks About Merging
Three blockchain-based AI firms are reportedly exploring a merger of their cryptocurrency tokens to establish a decentralized AI platform, as per Bloomberg's report.
Sources familiar with the situation, preferring anonymity due to confidentiality, disclosed that SingularityNET, Fetch.ai, and Ocean Protocol are the companies involved in the potential merger.
Following the news, the tokens of SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) saw positive movements, with gains of 12%, 15%, and 34%, respectively, at the time of reporting.
Bloomberg’s sources indicate that the proposed merger would entail merging the companies’ tokens into a unified ASI token with an estimated fully diluted value of $7.5 billion. The announcement, potentially scheduled for Wednesday, would necessitate approval from the respective communities.
Reportedly, the merger terms outline that the three platforms would maintain separate operations while collaborating under the oversight of a “Superintelligence Collective,” led by SingularityNET’s founder and CEO Ben Goertzel. Fetch.ai’s CEO Humayun Sheikh, an early investor in Google’s AI acquisition DeepMind, is expected to assume the role of chairman.
READ MORE: Floki Inu Reveals 2024 Roadmap for FLOKI Token
Bloomberg highlights that emerging AI-focused platforms like SingularityNET, Fetch.ai, and Ocean Protocol are in a race to develop decentralized AI technology on blockchain, aiming to counter the dominance of large, shareholder-driven corporations such as Microsoft, Google, and Facebook.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
