Crypto exchange Bybit has declared its support for the merger of Fetch.ai, Ocean Protocol, and SingularityNET to form the ASI Alliance.
The merger, which started on July 1, 2024, involves the consolidation of OCEAN and AGIX tokens into FET and aims to streamline the projects’ representation on major crypto listing platforms, including CoinMarketCap and CoinGecko.
Fetch.ai, a key entity in the merger, publicly acknowledged Bybit’s support through an announcement on X.
However, this endorsement from Bybit comes shortly after the exchange underwent internal restructuring, which had raised questions within the crypto space.
Bybit’s support also follows Coinbase’s recent decision to withdraw its backing for the ASI merger. Coinbase has informed its users that they will need to manage the token transition independently using external wallets.
The merging process of ASI tokens involves two phases of deployment. The first phase is about integrating OCEAN and AGIX into FET whereas phase two concerns community engagement and deployment of ASI tokens across multiple blockchain networks.
Despite the commencement of the merger, FET’s trading price has remained relatively stable, trading at $1.33 according to CoinMartCap.
However, Bybit’s support could influence the token’s value, given the exchange’s significant position in the crypto market.
