Shapeshift to Dissolve Corporate Model, Platform Airdrops FOX Tokens to Community of Users

Shapeshift to Dissolve Corporate Model, Platform Airdrops FOX Tokens to Community of Users


Founded on July 1, 2014, Shapeshift has been offering global trading of a variety of digital assets for seven years. Following the company’s recent anniversary, it announced Shapeshift is evolving into a community-owned decentralized platform. Shapeshift founder Erik Voorhees explained in a blog post that the firm airdropped FOX tokens to over a million customers in order to “facilitate decentralized governance.”

Shapeshift Is Shifting

Shapeshift is changing, according to a recent blog post from its founder, and the company’s announcement about an airdrop of the platform’s native FOX tokens to Shapeshift users. The distribution of FOX is meant to make the platform community-owned and governed by FOX holders.

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Shapeshift’s recent news follows the company’s change toward dropping KYC rules in January 2021, and shifting toward an entirely non-custodial solution. In mid-April, Bitcoin.com News reported on Shapeshift leveraging Thorchain for multi-chain unwrapped swaps. On July 14, Erik Voorhees explained how the company would be dissolving its corporate structure entirely.

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