Blockstack creates new legal entities in hopes of decentralizing Corporate governance

Blockstack announces the creation of the following entities, with a goal of not having any overlap in control and independent management.

Non-profit Foundation:  Patrick Stanley, Head of Growth at Blockstack PBC, will serve as the interim-head of this foundation for a year while he starts the executive search for a Chairman. We anticipate that the Foundation will not share any directors or officers with other entities.

Independent US entity: Ryan Shea, co-founder of Blockstack, will be leaving Blockstack PBC to form a new US entity. Ryan will remain in the Blockstack community, will continue contributing to Blockstack, and will make an announcement about the new entity he is starting in the coming months.

Independent Hong Kong entity: Larry Salibra, an early Blockstack engineer based in Hong Kong, to focus on a browser and product development.

Blockstack PBC: Muneeb Ali, co-founder of Blockstack, will continue to lead Blockstack PBC and will mainly focus Blockstack PBC’s activities on the developer platform, the Stacks blockchain, and regulatory compliance. Over the next two years, Blockstack PBC will identify other responsibilities that can be handed over to independent entities to further decentralize the ecosystem.

Signature Fund: Currently a wholly owned subsidiary of Blockstack PBC, Signature Fund to support exciting startups in the Blockstack ecosystem. May potentially have third party investors.

Source : Blockstack Blog