Eagerly awaited AI crypto token to be launched on Cardano soon

The Cardano network will become one of the cross-chain venues for users to access ASI, a new cryptocurrency that brings together three of the top companies in the artificial intelligence and cryptocurrency sectors.
One of the biggest developments in the cryptocurrency space this week was the multi-billion token merger involving three projects: SingularityNET, Ocean Protocol, and Fetch AI.
The new partners announced the upcoming launch of the Alliance of Artificial Super Intelligence (ASI) and the merger of the three tokens into the ASI Token.
The merger would combine the projects’ accrued value to $7.5 billion, with one question that quickly emerged being which blockchain the new token would run on.
The location of a new token is crucial for users to be able to transfer assets cheaply and for it to be easily used in decentralized applications, such as the DeFi space.
SingularityNET CEO Ben Goertzel quickly responded to this important question, revealing that the ASI token will be available on Cardano, Ethereum, Fetch AI Layer 1, and Hypercycle. Note that SingularityNET has already built a bridge converter on the Cardano mainnet, which may make cross-chain functionality possible.
Meanwhile, Goertzel also confirmed that the token could be issued on other blockchains in the future, potentially including the Internet Computer (ICP).
Cardano recognized for industry-wide initiative
The inclusion of Cardano in the list of blockchains hosting the much-anticipated ASI token is compelling for several reasons. One reason for this is that Cardano has been publicly criticized, including by industry figures such as Arthur Hayes, for being inferior to other competitors such as Ethereum.
Nonetheless, the latest recognition confirms that Cardano has a leadership position in the cryptocurrency space and its long-term presence in the crypto space. At the same time, Cardano’s potential is highlighted considering the blockchain’s applications in trending innovations such as the intersection of artificial intelligence and cryptocurrency.
Although Cardano’s adoption is not guaranteed to directly impact ADA’s price or attract more users, it puts the blockchain in good stead within the cryptocurrency community. ADA remains the ninth-largest crypto asset with a market cap of $22 billion.
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