Three prominent cryptocurrencies, $FETCH, $AGIX, and $OCEAN, are set to merge, forming a formidable alliance focused on decentralized artificial intelligence, as reported by Bloomberg.

The merger will commence with Fetch.ai, the largest of the three by market capitalization, rebranding its ticker to $ASI (Artificial Superintelligence). The new token, $ASI, will have a total supply of $2.63 billion, with an initial price set at $2.82. Subsequently, both $AGIX and $OCEAN will merge into $ASI at a conversion rate of 0.433 to 1. This consolidation is anticipated to result in a fully diluted market capitalization of approximately $7.5 billion, potentially elevating the alliance to the 20th position on CoinMarketCap.

Fetch.ai CEO Humayun Sheikh expressed the aim of building one of the world's first open and decentralized networks that enables artificial general intelligence (AGI) to be accessible to all stakeholders involved in its development. He emphasized that the merger provides an alternative to the dominance of big corporations in the AI sector, offering an open-source and decentralized platform for AI development.

The rationale behind the merger, outlined in the Fetch.ai blog, underscores a concerted effort towards decentralization, countering the trend of consolidation and centralization of AI resources by major tech companies. The newly formed alliance remains open to collaborating with additional partners whose ethos and mission align with those of the founding members.