Ink Foundation and GSR Launch Charter Foundation to Reduce Legal Costs of Token Issuance

The Ink Foundation has partnered with GSR, law firms Carey Olsen, Renno & Co, Cooley, Fenwick, and auditing firms ChainSecurity and Zellic to establish the Charter Foundation. The aim is to provide a standardized shared legal framework for crypto projects to lower the costs of token issuance. A spokesperson for the Ink Foundation stated that the organization is not affiliated with Kraken. Currently, crypto projects typically require a three-entity structure that includes a research and development entity, a Cayman Islands foundation, and a British Virgin Islands subsidiary for issuance, with initial costs often exceeding $100,000. The Charter Foundation aims to reduce legal framework costs by more than half by setting up a dedicated Cayman Islands exempt company as the launch structure for each project, with governance involving professional offshore compliance experts. Once the token is successfully issued, the Cayman entity will transition into an independent foundation to ensure the project's long-term independence.

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