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Entities in the Radix Ecosystem

The founders philosophy is (and always has been) to decentralize everything critical to the functionality of the network. A roadmap will need to be developed to achieve full decentralization.

The present structure has been created to facilitate an expedited delivery of the components without, as far as possible, precluding decentralization. Each company responds to different regulators and has different legal, regulatory, tax, and accounting considerations.

There is much work still to do, and the precise form, structure, regulation, and governance of these undertakings will depend on legal, tax, and accounting advice and, of course, input from the community.

Radix Foundation & Connected Entities

Radix Foundation. This is a not-for-profit holding company limited by guarantee with the two guarantors Dan Hughes & Piers Ridyard. Board-level decisions are a simple majority (both must agree), there are no shareholders.

The articles preclude any director or guarantor (present or future) receiving assets of the Foundation or benefitting from those assets should the company be dissolved.

It is intended that after Babylon, this company, or another formed for the purpose, will be the representative vehicle for providing governance for the community. The structure, governance, funding, and purpose of a community foundation will be the subject of further dialogue as Babylon approaches. 

As the stakeholders of a network are broader than just token holders, whoever participates in governance must be impartial and serve the interests of everyone in the network. There is a great deal of thought, legal advice, and consultation to be undertaken before the long-term future of a foundation is settled.

Radix Tokens (Jersey) Ltd. Radix Tokens (Jersey) is wholly owned by the Radix Foundation.

This company is responsible for the issue of the Tokens, which must be approved by JFSC, and conducted in accordance with the JFSC requirements for the issuance of tokens, including conducting due diligence on the purchasers of tokens from the Company

It has five Directors (Andy Jarrett, James Cunningham-Davis, Piers Ridyard, Lindsay Bracegirdle, and Dan Hughes). Any board decisions must be 3/5 majority.

Under Jersey regulatory rules, this company must be administered by a regulated trust company, and the Jersey regulator approves any board appointments. Its operation is therefore constrained to those activities and matters which are approved by the JFSC.

Andy Jarrett also serves as CEO of Radix Tokens Jersey and works closely with both compliance and the local regulator to make sure Radix Tokens Jersey is in compliance with the relevant local and EU regulations.

Metapass (Radix) Limited. Metapass (Radix) is wholly owned by the Radix Foundation. This company operates the Digital Identity system, Instapass. This company is registered with the Jersey Information Commissioner and manages what is often sensitive personal information. To be a credible and reliable source of Digital Identity information, it is important that it is ring-fenced from any other commercial activity and operates independently from any commercial undertaking. 

It has three Directors (Andy Jarrett, James Cunningham-Davis, and Piers Ridyard). 

Instapass provides a single-sign-on compliance experience for the entire Radix ecosystem; both as a back-end solution for dApp builders and a convenient single solution for end-users.

Radix Publishing Limited. This is the company responsible for the publication of the “canonical version” of the Radix open-source ledger code, controls the public Radix GitHub repo, and publishes the Radix DLT website, social media channels e.g. Twitter, and all other public-facing communications attributed to Radix DLT. Established as independent of the commercial operation and not subject to regulatory oversight, it is incorporated in Jersey (Channel Islands) as a wholly-owned limited liability subsidiary of the Radix Foundation.

It has three Directors (Andy Jarrett, James Cunningham-Davis, and Piers Ridyard).

Board decisions are a 2/3 director majority. As a clearly defined separate entity, it is envisaged that control of this publishing vehicle may pass to any entity of the foundation which becomes responsible for the governance of the ledger in the future.

RDX Works & Connected Entities

RDX Works Ltd. is a blockchain/crypto technology development company which has, and continues to be, the primary developer of the Radix public ledger codebase. The company continues to develop various additional products and services such as Instapass.

A limited liability company incorporated in England, it has two executive directors (Dan Hughes & Piers Ridyard), one investor director (Saul Klein), and one board observer (Taavet Hinrikus).

At this time, it is unlikely that any meaningful community/independent contribution to the source code of the Radix Public Ledger can be made until after Babylon. At that time, it will likely be possible for distributed external teams to contribute. Any new independent code will, in due course, be submitted to Radix Publishing for consideration and incorporation into the canonical code to be published to Github. As set out above, it is possible that in the future, Radix Publishing may form part of the community governance architecture when this is created.

Metaverse (Radix) Ltd. Metaverse operates Instabridge, which provides a bridge between eXRD on the Ethereum network and XRD on the Radix network. Instabridge is also intended to be a general-purpose bridge for those holding tokens on other ledgers to engage with the Radix ecosystem. As such, it is hoped that it will deal with wrapping assets on the Radix public ledger as well as enabling users to purchase XRD with other cryptoassets (BTC & ETH) and letting them purchase XRD with fiat via Metabridge. This operation has distinct risks, as well as legal and regulatory obligations.

This company is under the supervision of the Jersey Financial Services Commission. Instabridge is the first consumer of the Instapass service and is also a test case for a 3rd party service for the planned rollout of the Instapass developer API. 

Metaverse is a wholly-owned subsidiary of RDX Works Ltd. It is a limited liability company incorporated in Jersey (Channel Islands).

It has three Directors (Andy Jarrett, James Cunningham-Davis, and Piers Ridyard).

Metabridge Ltd. This business is intended to provide accessible fiat to crypto on-ramping, which is considered to be important to facilitate engagement with the Radix public ledger. If combined with products such as Instapass, this product/service could provide a significantly enhanced experience and convenience for onboarding to the Radix Public Ledger.

Metabridge is applying for an EMI (electronic money license) to operate under the supervision of the Financial Conduct Authority in the UK, which would permit it to deal directly with fiat on behalf of customers. This represents a potentially simple option for potential XRD holders to use fiat to secure access to the Radix network. It is hoped that this product/service will be available by Babylon; this remains subject to legal, regulatory, tax, and accounting advice.

This is a wholly-owned subsidiary of RDX Works Ltd. Piers is currently the only director with others to be added as the regulator dictates. The regulation and operation of this undertaking require different considerations from other products and services. Discussions will be continued with the FCA concerning regulation of this business.

Exosphere Limited. Set up as a vehicle for funding development and liquidity in the Radix ecosystem. It is a limited liability company incorporated in Jersey (Channel Islands). It has two Directors (Andy Jarrett and James Cunningham-Davis).