A U.K.-based blockchain firm which just raised $4 million is heading to Switzerland, where it plans to put its flagship product in the hands of a community foundation.
Atlas City Global is setting up a foundation in Switzerland for its main product, Catalyst, the London-based company said in a statement on Wednesday. Catalyst is a network for blockchain developers poised for launch next quarter.
The move underscores Switzerland’s attractiveness for community-based projects: Atlas plans to effectively gift Catalyst to a Swiss foundation, a vehicle which can be set up with as little as $50,000. Foundations in Switzerland have lost their luster for crypto projects, but their rigid governance still fills a need on many blockchain projects, according to experts.
The Catalyst network aims to enable others to develop secure decentralized computing and data storage. Atlas City plans to let potential users test Catalyst at a series of events in the fourth quarter before deciding if they want to buy the product.
Token Issue
Atlas, which recently won $4 million in funding to complete the network, said it will issue tokens later this year when it opens Catalyst to developers. Effectively, this means token-holders buy the right to build their own blockchain-based applications on Atlas’ technology.
«Atlas City will transfer the open source code base for the core protocol along with a perpetual license for IP held by Atlas City to a newly established Swiss foundation together with an endowment to support its growth across the entire developer ecosystem.»
This immediate use compares to other coin projects, which are normally a promise of future utility, or value. Atlas City is run by Darren Oliveiro-Priestnall, a British software developer, and chaired by Mark Weinberg, who co-founded British asset manager St. James Place in 1992.
