What is Fetch.ai?

Fetch.ai is a decentralized blockchain platform founded by Toby Simpson, Humayun Sheikh, and Thomas Hain, with a mission to enable autonomous agents to perform tasks in a digital economy. Simpson, a former co-creator of the AI behind Creatures, brings extensive experience in AI development, while Sheikh and Hain contribute expertise in innovation, business, and academia. Together, they designed Fetch.ai to integrate blockchain, artificial intelligence, and multi-agent systems, offering solutions for industries such as supply chain optimization, energy, and transportation.

The platform operates on its own blockchain, built using the Cosmos SDK, enabling interoperability through the Inter-Blockchain Communication (IBC) protocol. Fetch.ai employs a proof-of-stake consensus mechanism, ensuring scalability and efficiency for its network of autonomous economic agents. The platform is supported by the FET token, which facilitates operations, staking, and governance within its ecosystem, bridging the gap between decentralized AI services and practical industrial applications.

What is FET?

The FET ERC-20 token is a digital asset that was initially launched on the Ethereum blockchain during Fetch.ai's fundraising phase. While Fetch.ai now operates its own blockchain built using the Cosmos SDK, the ERC-20 version of FET remains available for interoperability and accessibility within Ethereum's decentralized finance (DeFi) ecosystem. The token enables users to participate in staking, governance, and the execution of autonomous economic agents on the Fetch.ai network.

In the near future, the FET token will undergo a transition as part of the Artificial Superintelligence Alliance (ASI), a collaboration with SingularityNET and Ocean Protocol. This upgrade will consolidate FET with other tokens into a single ASI token, streamlining governance and promoting further innovation in decentralized AI platforms. There is a total maximum supply of 1,[REDACTED] FET tokens, with [REDACTED] FET currently in circulation.

Please note that Wealthsimple currently only supports the ERC-20 FET token.

Risk statement

Before trading any crypto assets it is important to understand the risks. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

No securities regulatory authority or regulator in Canada has evaluated or endorsed the Crypto Contracts or any of the crypto assets made available through the platform.

Wealthsimple has performed an assessment of whether FET can be supported by Wealthsimple’s platform, including whether FET is a security and/or a derivative and is being offered in compliance with securities and derivatives laws.

We evaluated FET based on publicly available information, including (but not limited to):

• The creation, governance, usage and design of FET, including the source code, security and roadmap for growth in the developer community and, if applicable, the background of the developer(s) that first created FET;
• The supply, demand, maturity, utility and liquidity of FET;
• Material technical risks associated with FET, including any code defects, security breaches and other threats concerning FET and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them;
• Legal and regulatory risks associated with FET, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of FET; and
• Statements made by regulators or securities regulatory authorities in Canada and other jurisdiction regarding whether FET, or generally about whether the type of crypto asset, is a security and/or a derivative.

Wealthsimple monitors ongoing developments related to crypto assets available on its platform for significant changes that may affect Wealthsimple’s original assessment of those assets, including Wealthsimple’s assessment of the application of securities and derivatives laws. Any significant changes relating to FET may result in changes to this Crypto Asset Statement and/or Wealthsimple’s ability to support FET.

Like all other crypto assets, there are some general risks to investing in FET. These include short history risk, volatility risk, liquidity risk, demand risk, forking risk, cryptography risk, regulatory risk, concentration risk, electronic trading risk and cyber security risk. Please review the Wealthsimple Crypto Product Risk Disclosure for additional discussion of general risks associated with the crypto assets made available through the platform.

We emphasize that this Crypto Asset Statement is not exhaustive of all risks associated with trading FET. Investors should perform their own assessment to determine the appropriate level of risk for their personal circumstances.

Wealthsimple is offering Crypto Contracts in reliance on a prospectus exemption contained in the exemptive relief decision Re Wealthsimple Investments Inc. dated December 18, 2022 (the Decision).

The statutory rights of action for damages and rescission in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under securities legislation of other jurisdictions of Canada, do not apply in respect of this Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.

Last updated: December 6, 2024