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ShapeShift creates FOX Foundation as intermediary for successful DAO transition

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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.

Read more on cointelegraph.com
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