Swiss DAO ShapeShift is evolving and created the FOX Foundation in order to supervise its transition.
On Wednesday, ShapeShift — a Swiss decentralized autonomous organization 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.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.
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.
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