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. This nonprofit organisation’s purpose is to supervise the decentralization and asset management of the trading platform it namesake.

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 (NASDAQ:) Cloud.