**eosDAC is pleased to announce the formation of The DAC Foundation, based in Zug, Switzerland.**

Since its inception, eosDAC has received a number of extremely generous donations. To date, these funds have been held on behalf of eosDAC by Incommsec Ltd, a service provider to the DAC. This arrangement was never intended to be permanent because a standard private company, without a banking/custodial license, is not designed to hold funds. Furthermore this structure provides no protection for the ‘purpose’ of the funds.

Therefore, in order to protect the purpose of those funds going forward, a Foundation has been established in the canton of Zug which has as its founding purpose (quoted from Foundation deed):


<blockquote>promoting and developing new forms of technology-based decentralised organizations, in particular the decentralized autonomous community ("DAC"), as well as the technologies on which such communities rely for their organisation and the legal and social environment in which they evolve. 
</blockquote>
<blockquote>The primary but non-exclusive focus of the Foundation is the promotion and development of the DAC named "eosDAC" and potential derivative organizations thereof and potential organizations following thereon.</blockquote>

 
The funds will be administered by the Foundation’s Trustees according to the specified purpose, for instance in the granting of funds for eosDAC’s servers and other fiat expenses as applied for by Custodians, and other projects deemed in line with the purpose by the Trustees going forward.

The funds will be administered by the Foundation’s Trustees according to the specified purpose, for instance in the granting of funds for eosDAC’s servers and other fiat expenses as applied for by Custodians, and other projects deemed in line with the purpose by the Trustees going forward.

The Trustees of The DAC Foundation at inception are:

Martin Staeubli (Chairman)  - of Abafin Treuhand. Martin is a well-respected Zug-based auditor
Piero Martini - of BlackNash Ventures. Piero is a strategic crypto investor, advisor and an early scouter of promising teams
George Sheng - EOS Cannon. George is an important participant in the EOS space and experienced in building decentralised projects with a global scope and outlook
Michael Yeates - eosDAC. Michael is one of the best-known and most well-respected blockchain technologists on EOS
Saro McKenna - eosDAC. Saro is responsible for legal and company strategy at eosDAC

eosDAC is honoured to be joined by eminent members of the Zug crypto ecosystem and beyond, in establishing a Foundation that will have the stability and longevity required to support the DAC and the purpose of DAC enabling going forward.


Thank you,

Saro

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