The entity will be dissolved upon the completion of ShapeShift’s decentralization process.
On Wednesday, ShapeShift — a Swiss decentralized autonomous
organization (DAO) hosting a cryptocurrency trading ecosystem —
announced that its centralized corporate brand, ShapeShift AG, has
formed the FOX Foundation. The nonprofit organization's stated purpose
is to oversee the decentralization of its namesake trading platform and
assets.
The FOX Foundation’s charter includes handling tasks such
as paying bills in fiat currency, hosting servers, maintaining the
platform’s centralized infrastructure until the transition completes,
and replacing ShapeShift’s backend node with decentralized
infrastructure FOXChain, developed in conjunction with Coinbase Cloud.
According to the company, ShapeShift became the first in the space to fully decentralize its corporate structure
and open its source code when it did so in July 2021. Because the move
was somewhat unprecedented, the establishment of the FOX Foundation
serves as a solution to ensure the neutrality of the ecosystem. FOX
Foundation is neither led by ShapeShift AG nor ShapeShift DAO and has
the singular charter of decentralizing the platform’s assets as
efficiently as possible. Once the task is complete, the foundation will
dissolve and distribute the remaining funds to the ShapeShift DAO
Treasury.
Regarding the development, Willy Ogorzaly, head of decentralization for the FOX Foundation, said:
“While
the necessary tooling and infrastructure are maturing rapidly, it will
take time for the DAO to achieve its final, fully autonomous form. The
FOX Foundation exists as a stepping stone in this journey, fulfilling
the centralized legacy’s responsibilities while supporting the DAO in
implementing sustainable, decentralized alternatives.”
ShapeShift
is unique among cryptocurrency trading platforms in that it neither
collects users’ funds into company accounts, requires registration nor
gathers any of its users’ personal data. The company keeps customers’
assets only in case of a failed exchange. The exchange only operates
with cryptocurrencies, meaning only coin-to-coin swaps are possible.
source link : https://cointelegraph.com/news/shapeshift-creates-fox-foundation-as-intermediary-for-successful-dao-transition
