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Buy Fetch.ai (FET) in UK With GBP | CoinJar
Fetch.ai
FET
What is Fetch.ai?
Fetch.ai (FET) holders: If you own Fetch.ai's cryptocurrency token (FET), it will be renamed ASI mid to late July. You'll need to swap your FET tokens for the new ASI tokens.
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 decentralised artificial intelligence (AI) ecosystem and challenge the dominance of big tech.
The companies involved believe the merger will accelerate AI development and create a decentralised 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. Stay informed: Keep an eye on Fetch.ai’s blog here.
Expert view
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 plans 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.
Update: Fetch.ai (FET) and the ASI Token are Now DIfferent Tokens
FET is now separate from the ASI token. The Fetch.ai (FET) token is no longer the same as the new ASI token. They are now distinct cryptocurrencies. For a limited time, you can swap your FET tokens for ASI tokens using a special "token bridge."
You'll need a MetaMask wallet (for your FET tokens). And, an ASI-compatible wallet (to receive your ASI tokens).
CoinJar is not affiliated with Metamask, the below token bridge or with the Artificial Superintelligence Alliance so please contact their support teams if you need assistance.
How to swap FET to ASI
Visit the official token bridge website. Follow the instructions on the website to connect your wallets and complete the swap.
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Frequently asked questions
What is happening with Fetch.ai (FET)?
Fetch.ai (FET) is merging with Ocean Protocol and SingularityNET to form the Artificial Superintelligence Alliance (ASI). This will create a new decentralised AI ecosystem with ASI as its native token. FET holders will need to swap their tokens for ASI.
When will the FET to ASI swap happen and how long will it be available?
The FET to ASI swap is expected to start in the second half of July 2024. The duration of the swap period has not been specified, so it's important to complete it before it closes.
Should I keep my FET tokens on an exchange or in my own wallet for the swap?
It's recommended to keep your FET tokens in your own digital wallet like MetaMask. This gives you more control over the swap and ensures you don't miss out on any new tokens that might come your way.
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Specific risks associated with DeFi tokens Decentralised Finance (or 'DeFi') tokens (e.g. UNI, AAVE) are crypto-assets linked to financial applications and protocols built on decentralised blockchain technology. DeFi tokens carry the following risks:
Smart contract risk: DeFi relies heavily on smart contracts. Even a minor coding error or oversight can lead to a contract being exploited, potentially resulting in significant losses for DeFi tokens.
Regulatory risk: DeFi operates in a decentralised manner, often without intermediaries or financial crime controls. Regulatory bodies across jurisdictions might introduce new regulations impacting the use, value, or legality of certain DeFi protocols or assets.
Rug-pulls / Exit scams: Some DeFi projects might be launched by anonymous or pseudonymous teams, increasing the risk of "rug pulls" where developers abandon the project and withdraw funds, leaving investors with worthless tokens.
Data/oracle risk: DeFi protocols often rely on external data sources or 'oracles. Manipulation or inaccuracies in these data sources can lead to unintended financial outcomes within the protocols. Protocol complexity: The complexity of some DeFi protocols can make it difficult for average users to fully understand the mechanisms and associated risks.
Specific risks associated with meme coins:
'Meme coins' (e.g. DOGE, SHIB, PEPE) are crypto-assets whose value is driven primarily by community interest and online trends.
Meme coins carry the following risks:
Volatility risk: Meme coins can have extreme price volatility, often experiencing rapid and unpredictable price fluctuations within short periods. The value of meme coins can be influenced by social media trends, celebrity endorsements, and other factors unrelated to traditional investment fundamentals. Lack of utility: Meme coins often lack intrinsic value or utility, being primarily driven by community interest, online trends, and speculative trading.
Market manipulation: Meme coins may be susceptible to increased risk of market manipulation including 'pump-and-dump' schemes, where the price is artificially inflated followed by a sudden crash.
Lack of transparency: Meme coins may have limited available information about their development teams, goals, and financials. This lack of transparency can make it challenging to assess the credibility and potential of a meme coin accurately.
Emotional investing: Meme coins often garner strong emotional reactions from investors, leading to impulsive decisions. Emotional trading activity can amplify losses.
Specific risks associated with stablecoins:
There is a risk that any particular stablecoin may not hold their value as against any fiat currency; or may not hold their value as against any other asset. Stablecoins carry the following risks:
Depegging events: Depegging events may occur with stablecoins that fail to maintain adequate controls and risk mitigants. A depegging event is when the value of the stablecoin no longer matches the value of the underlying asset. This could result in a loss of some or all of your investment.
Counterparty risk: Counterparty risk arises when an asset is backed by collateral, involving a third party maintaining the collateral, which introduces risk if the party becomes insolvent or fails to maintain it.
Redemption risk: Redemption risk refers to the possibility that an asset's ability to be redeemed for underlying collateral may not be as anticipated during market fluctuations or operational issues.
Collateral risk: Collateral risk refers to the possibility of the collateral's value declining or becoming volatile, potentially impacting the asset's stability, particularly when it is another crypto-asset.
Exchange rate fluctuations: Stablecoins, often denominated in US Dollars, expose investors to fluctuations in the USD:GBP exchange rate. Algorithmic risk: Algorithm risk refers to the possibility of an asset's stability being compromised due to unexpected failure or behaviour of the underlying algorithm, potentially leading to loss of value.
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We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets.
We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.
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