According to The Block, the Ink Foundation tied to Kraken’s Ethereum layer-2 network Ink has joined crypto market maker GSR, law firms Carey Olsen, Renno & Co, Cooley and Fenwick, plus audit and security firms ChainSecurity and Zellic, to launch the Charter Foundation. The group is building a standardized shared legal framework for crypto teams preparing token launches.
The report says many projects now rely on a three-entity structure before a token generation event, typically involving a Labs entity, a Cayman Islands foundation and a British Virgin Islands issuing subsidiary. Setting up that structure, along with paying for independent directors before TGE, often costs more than $100,000.
Charter plans to set up a dedicated Cayman exempted company for each project as part of the launch structure, with governance support from offshore compliance specialists. The group says this can reduce upfront legal structuring costs by more than half. After a token is successfully issued, the Cayman entity would convert into an independent foundation and separate from Charter, with the stated goal of preserving the project’s long-term independence.
According to The Block, the Ink Foundation behind Kraken-linked Ethereum layer-2 network Ink has joined crypto market maker GSR, law firms Carey Olsen, Renno & Co, Cooley and Fenwick, as well as audit and security firms ChainSecurity and Zellic, to launch the Charter Foundation. The effort is aimed at giving crypto projects a standardized shared legal framework that lowers the cost of issuing tokens.
A shared structure for token launches
An Ink Foundation spokesperson said the organization is unrelated to Kraken.
The report said crypto projects commonly need to build a three-entity structure before a token generation event, or TGE, made up of a Labs entity, a Cayman Islands foundation and a British Virgin Islands, or BVI, issuing subsidiary. Setup work before TGE, along with independent director fees, often exceeds $100,000.
How Charter is designed to work
Under the proposed model, Charter will establish a dedicated Cayman Islands exempted company for each project as part of the launch structure, with governance participation from professional offshore compliance specialists. The group said that approach can cut upfront legal structuring costs by more than half.
After a token has been successfully issued, the Cayman entity would convert into an independent foundation and separate from Charter, a structure intended to preserve the project’s long-term independence.
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