Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?

Bybit exchange has decided to support for the long-awaited merger of Fetch.ai, Ocean Protocol, and SingularityNET to form the ASI Alliance.

Diverse Takes On ASI Alliance 

Fetch.ai, one of the key projects involved in the merger, announced the news of Bybit’s support on X, describing the move as a significant step forward. Bybit recently carried out some major restructuring that raised concerns amongst crypto enthusiasts. Giving its support to the ASI token merger may be a means to maintain its relevance in the industry.

We’re happy to announce that @Bybit_Official will support the upcoming $ASI token merge! Thank you, Bybit, for your support in this significant step forward towards #ArtificialSuperIntelligence ✨

Learn more here👇https://t.co/zqUM7VL9CC

— Fetch.ai (@Fetch_ai) July 2, 2024

Noteworthy, this latest support from Bybit comes only a few days after American cryptocurrency exchange Coinbase withdrew its support for the Artificial Superintelligence Alliance (ASI) merger. Coinbase informed its users that they would have to perform the transition themselves, using their wallets.

“Once the migration starts, users will be able to migrate their OCEAN and FET to ASI using a stand-alone wallet such as Coinbase Wallet. The ASI Token Merger will be compatible with all major software wallets,” the exchange stated.

After postponing the event, the ASI token merger which involves the integration of OCEAN and AGIX into FET, finally went live on July 1. This integration is aimed at ensuring a smooth transition on major listing platforms like CoinMarketCap and CoinGecko. Despite these move, the tokens saw no interruption in FET trading.

The debut of the ASI token led to the delisting of AGIX and OCEAN from exchanges. FET deposits and trading will continue without any change, and a migration platform will open on the SingularityDAO decentralized application (dApp).

FET is currently trading at $1.34 with a 1.63% drop in value, suggesting that the merger is yet to influence the price of the token. However, the Bybit support considering the exchange’s current position in the industry may fuel a major growth boom.

Two-Phased ASI Token Merger 

Noteworthy, the merger is in two phases, with the first phase being the integration of the other two tokens to FET and a future transition to ASI. Before the transition, Fetch AI informed its users that there it will temporarily shutdown the network. This is part of the measures for the upgrade. It also assured them that their assets will get automatically converted to the new ASI token.

Moving forward, the second phase is focused on community engagement and the deployment of ASI tokens. During this phase 2, it confirmed it will prioritize a particular group of holders. These are those holders who self-custody their tokens, deploy ASI tokens across multiple chains. It also include those who introduce new migration contracts to Fetch AI upgrades to ASI.

Read More: Circle Rolls Out New Ad Calling on Common Sense US Stablecoin Regulation