ShapeShift creates FOX Foundation as intermediary for successful DAO transition By Cointelegraph

ShapeShift creates FOX Foundation as intermediary for successful DAO transition

Cryptocurrency May 18, 2022 02:40PM ET

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ShapeShift creates FOX Foundation as intermediary for successful DAO transition

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 (NASDAQ:COIN) Cloud.

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ShapeShift creates FOX Foundation as intermediary for successful DAO transition

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