In this series, we will go through the operation, the functional basis, the technical implementation and present a clearer picture of the components of the Ixinium ecosystem and their coherence.
Introduction of the IXINIUM FOUNDATION
Foundation name: IXINIUM FOUNDATION
The Foundation is operative under The Seychelles Foundations Act
Founder: Baltic Representative Office 0Ü, Financial License FFA000389
Financial License Regulator: FIU, under the legislation of the European Union.
What makes the Ixinium Foundation so unique is the Foundation Charter, where is pointed out the rules and regulations of the Foundation. As the Foundation is established to hold and protect the physical precious metals as assets against the Force Majeure for the Ixinium XXA, we made the Foundation Charter more bulletproof than any bank in the world can offer. Here’s how (direct copy from the Ixinium Foundation Charter):
- Upon the endowment of the Initial Foundation Assets to the Foundation, the Initial Foundation Assets shall become the sole property of the Foundation. They shall cease to be the property of the Founder.
- Upon any future endowment of assets to the Foundation (subsequent to the endowment of the Initial Foundation Assets), such assets shall become the sole property of the Foundation and shall cease to be the property of the Founder or any other person who endowed such assets to the Foundation.
- The Foundation Assets (including any part thereof) shall not become the property of a Beneficiary unless actually distributed to that Beneficiary in accordance with this Charter or the Regulations.
Every Foundation has a Beneficiary, who has either some access to the assets or gets provisions from the interest of the assets etc. To eliminate this, we pointed out the Beneficiary and their rights as a Beneficiary.
- The Foundation is the sole legal and beneficial owner of the Foundation Assets.
- A Beneficiary has no ownership interest of any nature in the Foundation or the Foundation’s assets and is not a creditor of the Foundation.
- Foundation Assets (including any part thereof) shall not become the property of a Beneficiary unless actually distributed to such Beneficiary in accordance with this Charter or the Regulations.
- The purported assignment, transfer, charge, or other encumbrance of a Beneficiary’s existing or prospective interest under the Foundation is null and void.
- Any Beneficiary who attempts to assign, transfer, charge, or otherwise encumber their interest under the Foundation shall forfeit the same.
By eliminating all the Beneficiary’s rights, we just made the bulletproof asset protection even more safe and sound.
Then what if the worst nightmare scenario is coming true, and for some odd reason, Ixinium has to shut down, or XXA token has to remove completely from the market?
- If there Is no surviving Founder (the company), divided equally among the Beneficiaries under the estate of the last surviving Founder.
The only real beneficiaries are the Ixinium XXA owners as the Ixinium XXA is the company’s asset, which has been sold onto the market.