Token Description & Project Background

Fetch.ai was founded in 2017 and is the artificial intelligence lab developing the Fetch.AI platform. Fetch.ai is building a decentralized machine learning platform based on a distributed ledger that enables anyone to share or exchange data. The network hosts a number of software agents known as  ‘autonomous agents’ that represent and act on behalf of their owners across a variety of ecosystems, benefiting both suppliers and consumers. 

Fetch.ai is looking to optimize trading for financial services users, reconfigure public transport networks, support smart cities’ ability to adapt to citizen behaviour, remove middlemen from the gig economy, and connect energy networks to smart grids by decentralizing access to data.

The FET token provides access, a means of payment, security, and the ability to earn rewards in the network through staking. 

The FET token launched in March 2019. The mainnet went live in 2020.

Fetch.ai was launched in early 2017. Founders include Humayun Sheikh, a founding investor in AI pioneer DeepMind, and Toby Simpson, a developer at DeepMind.

Risks of FET

Like an investment in other crypto assets, there are some general risks to investing in FET. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in FET is subject to the following specific risks:

• Any potential success associated with FET depends on Fetch.ai’s rate of adoption.
• Any potential success associated with FET depends on a range of external factors, including demand for AI products.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with FET. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The FET community and its founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of FET have no recourse to the FET community, Fetch.ai founding team, or Uphold if FET declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing FET on the Uphold Platform, Uphold performed due diligence on FET and determined that FET is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of FET, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of FET.
• Any marketing materials put forward by the FET social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• 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. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.