We are very proud to announce our non-profit organization “Haku Labs MTÜ” is now up and running!

What is it?

We decided to create a non-profit organization (NPO), which is a legal entity organized and managed for the collective benefit of the entire Scala community.

The purpose of this organization is to oversee the operations of the Scala project, rather than to generate profits.

The NPO board is composed of vetted and trusted team members who have served the Scala project and the community to the best of their ability over the past few years.

The benefits

There are a plethora of reasons why having a corporate entity is paramount.

KYC

As much as we dislike KYC, we realize that certain regulations, such as those that allow us to be listed on bigger exchanges, can be helpful. Being under a legal entity is a requirement to be able to apply to several important services in the crypto world.

Operations

Going forward, the foundation and the board members will take decisions that will impact the future in terms of development, funding, and other important aspects of the project such as the addition of new members, hiring of contractors, etc.

Legal

The foundation will also give us protection against rampant intellectual property theft and help us have a solid legal framework to abide by if needed.

What’s next?

We have already initiated discussions with some advisors about how we can fully utilize our new legal identity to better achieve our vision and serve our community.

We think this new development can help us build stronger relationships faster without having to jump through hoops trying to prove that we are a serious and legitimate project.

In addition, we also plan to publish the white paper mentioned in the Menger V8 article under the name “Haku Labs”!