ShapeShift, a Swiss decentralized autonomous organization (DAO) said that its controlled corporate brand, ShapeShift AG, has established the FOX Foundation to manage the decentralization of its namesake trading platform and assets.
The FOX Foundation’s charter includes tasks like paying bills in fiat currency, hosting servers, maintaining the platform’s centralized infrastructure until the transition is complete and replacing ShapeShift’s backend node with FOXChain, a decentralized infrastructure developed in collaboration with Coinbase Cloud.
ShapeShift, according to the firm, was the first in the industry to fully decentralize its corporate structure and publish its source code in July 2021.
The FOX Foundation
The FOX Foundation was established as a way to preserve the ecosystem’s neutrality, as the move was rather unprecedented. FOX Foundation is not affiliated with ShapeShift AG or ShapeShift DAO, and its sole mission is to decentralize the platform’s assets as effectively as possible.
The foundation will dissolve and send the remaining funds to the ShapeShift DAO Treasury after the mission is completed.
Willy Ogorzaly, the FOX Foundation’s head of decentralization, commented on the development:
“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 bitcoin trading platforms in that it does not collect monies into business accounts, does not require registration, and does not collect any personal data from its users.
Only in the event of a failed exchange does the corporation keep the assets of its consumers. Only coin-to-coin trades are available because the exchange only works with cryptocurrencies.