ShapeShift AG Forms FOX Foundation to Support the Decentralization and Success of ShapeShift DAO
DENVER, May 18, 2022 /PRNewswire/ -- ShapeShift DAO, a decentralized, non-custodial cryptocurrency platform and community, announced today that ShapeShift AG, the centralized corporate brand, has formed the FOX Foundation, a not-for-profit organization with the charter of overseeing the final steps remaining in fully decentralizing the well-known trading platform and its assets. The FOX Foundation's charter will include:
- ShapeShift made history as the first company to announce it would fully decentralize all corporate structure and open source all code in July of 2021.
- Once its mission is complete, the foundation will dissolve and distribute all remaining funds to the ShapeShift DAO treasury.
- "ShapeShift has made strong progress in decentralizing already, such as launching the DAO, releasing the new open-source platform and implementing solutions such as SafeSnap, which give FOX Token holders autonomous control of the treasury," said Willy Ogorzaly, head of decentralization for the FOX Foundation.
- The FOX Foundation exists as a stepping stone in this journey, fulfilling the legacy centralized responsibilities while supporting the DAO in implementing sustainable, decentralized alternatives.