Web3 protocol MOBIUS STRIP has incorporated a foundation company in the Cayman Islands to hold its intellectual property and other assets.
The move places the legal ownership of its technology under a locally registered entity while leaving governance decisions with its decentralised autonomous organisation (DAO).
The foundation company, registered under the Cayman Islands Foundation Companies Act, will own the protocol’s trademarks, web domains, codebases and research intellectual property.
It will also act as the legal contracting party for partnerships and agreements outside the blockchain.
MOBIUS STRIP said in a press release on 3 November that the arrangement separates legal ownership and operational responsibilities from protocol governance, which will remain with the MS DAO.
The organisation will continue voting on protocol upgrades, treasury allocations and development priorities.
“The operating company protects and holds; the DAO governs and decides,” said Shahzad Hussain, business manager of MOBIUS STRIP.
The structure also provides for a board of directors to manage the foundation company and an independent supervisor to oversee it.
Core development contributors cannot serve as directors, according to the company.
MOBIUS STRIP said the Cayman structure will give institutional and enterprise partners a documented chain of ownership for its code and trademarks during due diligence.
It will also distinguish the company’s operating liabilities from the responsibilities of contributors, validators and token holders.
The foundation company is expected to serve as a contracting counterparty as the protocol develops additional ecosystem services, including MS Pay for settlements and MS Swap for exchange.
