Fetch, Singularity Net, and Ocean Protocol all surged following a Bloomberg article suggesting a token merge.

UPDATE: The merger has been confirmed via email. Full details can be found here: Fetch, Ocean, SingularityNET tokens merge into single ASI token with $7.6 billion market cap

Three blockchain-based artificial intelligence companies are in discussions to merge their crypto tokens to develop a decentralized AI platform, according to a report by Bloomberg.

The companies involved in the potential merger are SingularityNET, Fetch.ai, and Ocean Protocol, as reported by people familiar with the matter who asked to remain anonymous due to the private nature of the information.

The tokens have reacted positively to the news, with SingluarityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) up 12%, 15%, and 34%, respectively, as of press time. The sector is up 23% over the past seven days, according to CryptoSlate data, with all three tokens now in the top ten.

As per Bloomberg’s sources, the proposed merger would involve consolidating the companies’ tokens into a single ASI token with a fully diluted value of approximately $7.5 billion. The deal, which could be announced as early as Wednesday, would require approval from the members of each community.

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Bloomberg reports that, under the terms of the potential merger, the three platforms would continue to operate as separate entities while collaborating under the guidance of a “Superintelligence Collective” led by SingularityNET founder and CEO Ben Goertzel. According to the sources cited by Bloomberg, Fetch.ai CEO Humayun Sheikh, an early investor in Google’s AI acquisition DeepMind, would serve as chairman.

Bloomberg notes that emerging AI-oriented platforms like SingularityNET, Fetch.ai, and Ocean Protocol are racing to develop decentralized AI technology on blockchain, aiming to prevent the concentration of control in the hands of large, shareholder-driven corporations such as Microsoft, Google, and Facebook.

Representatives for SingularityNET, Fetch.ai, and Ocean Protocol declined to comment on the matter, according to Bloomberg.

As of press time, the projects have disclosed no official statements or information regarding the potential merger via their social media channels or official blogs. The decentralized AI crypto community awaits further details on the proposed ASI token and its implications for future decentralized AI development on blockchain.