Ink Foundation, GSR and others jointly initiated the Charter Foundation, aiming to reduce the legal framework costs of token issuance

According to The Block, the Ink Foundation, an Ethereum L2 network under Kraken, has jointly established the Charter Foundation with crypto market maker GSR, law firms Carey Olsen, Renno & Co, Cooley, Fenwick, and auditing firms ChainSecurity, Zellic, among others. The aim is to provide a standardized shared legal framework for crypto projects to reduce token issuance costs. A spokesperson for the Ink Foundation stated that the organization is unrelated to Kraken.

Currently, crypto projects typically need to independently establish a "three-entity structure" that includes a research and development entity (Labs), a Cayman Islands foundation, and a British Virgin Islands (BVI) subsidiary for issuance. The setup and independent director fees before the Token Generation Event (TGE) often exceed $100,000.

The Charter Foundation aims to reduce the initial legal framework costs for token issuance by more than half by establishing 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 convert into an independent foundation and separate from Charter, ensuring the project's long-term independence.