ShapeShift, a cryptocurrency exchange based in Switzerland, has announced it started dissolving its corporate structure in order to evolve into a fully community-owned decentralized cryptocurrency exchange. The company emphasized in an announcement it is going to open its codebase and technology to public in the coming months.
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"These changes are designed to bring ShapeShift further in line with the true vision of immutable, decentralized finance," the company added.
As part of the decentralization process, ShapeShift will airdrop 340 million FOX tokens (out of 1,000,001,337 FOX) to its clients and decentralized finance (DeFi) community.
Another 320 million FOX tokens will be airdropped to employees and shareholders. The remaining tokens will be distributed between the Foundation (7.5%), and retained by ShapeShift during decentralization process (1.3%). ShapeShift plans to be fully decentralized with no employees, nor bank accounts by July 2022.
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