Buy Fetch.ai

Fetch.ai (FET) holders: If you own Fetch.ai's cryptocurrency token (FET), it will be replaced with ASI mid to late July. You'll need to swap your FET tokens for the new ASI tokens through a process the companies claim will be smooth.

What is happening with Fetch.ai (FET)?

Fetch.ai, Ocean Protocol, and SingularityNET, three prominent AI companies, have merged to form the Artificial Superintelligence Alliance (ASI). This move aims to create a decentralized artificial intelligence (AI) ecosystem and challenge the dominance of big tech.

The New ASI Token will be the currency of the new ASI ecosystem.

The companies involved believe the merger will accelerate AI development and create a decentralized system where AI isn't controlled by a few large entities.

Should you be excited?

If you're already invested in these companies, the merger might seem promising. However, remember that the crypto world is volatile, and mergers don't always guarantee success. Do your research and understand the risks before making any decisions.

Key points to remember

• Swap timing: The FET to ASI swap will start probably in the second half of July.
• CoinJar's decision: CoinJar has not yet decided whether we will automatically swap FET for ASI on behalf of users.
• Taxes: This swap might be a taxable event. Consult a tax advisor.

Keep an eye on Fetch.ai’s blog here.

Expert advice

Dominic Gluchowski, a CoinJar executive, says, "If your crypto tokens are undergoing changes on the blockchain, like getting a new name or being swapped for different ones, it's smarter to keep them in your own digital wallet (like MetaMask) rather than leaving them on an exchange. This way, you won't risk missing out on any new tokens that might come your way.

“To be extra safe, always start by transferring a small number of tokens as a test run. Once you're sure it worked, you can transfer the rest with more confidence."

The ASI Alliance has ambitious goals for a more open and accessible AI future. Whether they can deliver remains to be seen. As always, be cautious and informed about your investments.

Projected events

According to the Fetch.ai blog, the Artificial Superintelligence Alliance will merge Fetch.ai, SingularityNET, and Ocean Protocol.

Phase I

• -Project rebranding to Artificial Superintelligence Alliance
• -AGIX and OCEAN tokens merged into FET
• -Trading continues under the FET ticker

Phase II:

• -ASI token deployed across multiple blockchains
• -FET network upgraded to ASI network
• -FET token holders can swap FET for ASI on the official websites of both Fetch.ai and the ASI website.

This strategy aims for a smooth transition, with a focus on transparency and efficiency.

Fetch.ai (FET) and your SMSF

If you have FET tokens in a Self-Managed Super Fund (SMSF), it's crucial to confirm with your SMSF accountant that your trust deed permits storing cryptocurrency in self-hosted wallets. You might need to use a specific self-hosted wallet designated for your SMSF.

This wallet should have Ethereum to cover transaction fees. If your trust deed doesn't allow self-hosted wallets, you'll need to sell your Fetch.ai tokens, swap them for ASI on CoinJar if it gets listed, or request your accountant to modify your trust deed.

Fetch.ai hasn't specified how long the FET to ASI swap will be available. It's important to complete the swap before it closes, which could happen before CoinJar lists ASI.