Blockchain projects SingularityNET, Fetch.ai, and Ocean Protocol are reportedly discussing merging their tokens to create a new coin called ASI. Sources familiar with the matter state that the three AI-focused blockchain firms are close to reaching an agreement on merging their tokens into a single entity. This move aims to consolidate their tokens into an ASI token, potentially valuing the merged entity at around $7.5 billion.

The merger announcement, expected soon, is subject to community approval from all parties involved. Despite the merger, the three platforms will maintain their independence. The collaboration will be overseen by a “Superintelligence Collective,” with Ben Goertzel, the founder of SingularityNET, leading the initiative. Humayun Sheikh, CEO of Fetch.ai, is set to become the chairman of this joint effort.

At the time of writing, SingularityNET, Fetch.ai, and Ocean Protocol have not made any public statements regarding the potential merger. Following the news, SingularityNET’s AGIX token saw a 10% increase, while Fetch.ai’s FET gained 15%, according to CoinGecko data.

This development comes as the cryptocurrency market explores opportunities in artificial intelligence to diversify its assets. Tether, the leading stablecoin issuer, is also expanding into the AI sector, with plans to develop open-source AI models and collaborate with other companies to address real-world challenges.

For more information on AI in the crypto market, consider reading about Binance’s use of artificial intelligence to enhance web3 education.

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