A
Chia Network established a subsidiary in Switzerland to manage business in Europe. We anticipate establishing a subsidiary in Singapore to manage business in Asia once the pandemic eases. Chia Network’s Strategic Reserve will be divided evenly between the US parent company and the Swiss subsidiary at mainnet launch. The Company may use smart coins to limit the total availability of the pre-farmed chia to a vesting schedule once it is able to put it’s more sophisticated custody system in place. Additionally, the Company intends to set up internal controls so that its commitments to investors and coin users will require board approval of our independent directors and not be subject to any single shareholder’s ability to control Chia Network’s Strategic Reserve. The Company also plans to adopt certain assurances that it will not make changes to, as an example, its commitment to not sell chia coins from Chia Network’s Strategic Reserve without 90-days’ notice to the public. Further the Company does not intend to invest chia coins or dividend coins to shareholders, or use coins to repurchase equity until after we are a reporting company under the 1933 Act and 1394 Act. We outline these controls in the Corporate Governance and Controls on the Strategic Reserve sections below.
