Binance supports OCEAN, FET, and AGIX token merger into ASI

Ocean Protocol ($OCEAN), Fetch.ai ($FET), and SingularityNET ($AGIX) announced the merger of their tokens to collectively make ASI, or Artificial Superintelligence. Binance has now come forward with its announcement, saying that it will support the token merger by handling all the technical requirements on behalf of users.

The crypto exchange platform will see changes to a number of services, including deposits and withdrawals, futures, margins, loans, and others.

For starters, Binance has said that it will suspend deposits and withdrawals of all three tokens on July 1, 2024, at 3:30 UTC.  The platform will handle all the technical requirements for the merger event, but it will not handle deposit processing. Users must ensure that they complete this aspect before the deadline.

The window for Futures will close a little early on June 25, 2024, at 9:00 UTC. This includes OCEANUSDT, FETUSDT, and AGIXUSDT USDⓈ-M Perpetual Contracts. Binance will automatically make settlements for users, if applicable. They are advised to close open positions before the deadline to avoid auto-settlement.

Binance Loans and Binance Simple Earn program will be halted for the three tokens. Outstanding loan positions for OCEAN, FET, and AGIX will close on June 25, 2024, with a maximum deadline of 3:00 UTC. By repaying their outstanding dues before the window closes, users can avoid potential losses.

Binance Simple Earn will no longer support the three tokens effective June 28, 2024, at 3:00 UTC. Redemption will be done for existing subscriptions, and the Spot Wallets of the users will be credited accordingly.

Delisting and suspension will essentially span through June 18, 2024, and July 1, 2024. It will affect a few more services: Gift Card, Binance Pay, Buy Crypto, and Auto-Invest. The community is anticipated to be updated by the platform upon the resumption of services. It is also recommended to monitor the platform in order to verify the specifics. Do not entertain or communicate with sources that are not linked to Binance.

All tokens have marked an uptick in their value on the price chart. In the last 24 hours, FET has increased by 2.19%. So is OCEAN by 1.52% and AGIX by 2.50%. The numbers were correct at the time of writing this article. FET, OCEAN, and AGIX are listed at $1.58, $0.649, and $0.6512, applicable in the same order.

Fetch.ai, Ocean Protocol, and SingularityNET are combining their tokens into a single token – ASI. The objective is to leverage their collective potential and advance the segment. All three coins will be converted into ASI in different ratios. A single FET will convert into one ASI. One OCEAN will be converted into 0.433226 ASI. One AGIX will convert into 0.433350 ASI.

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Tokens, in their old forms, will not be listed on Binane effective July 1, 2024, 3:00 UTC. The new spot trading pair will go live on July 5, 2024, at 8:00 UTC.

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