Marc Piano, Senior Associate at global offshore law firm Harneys, is a member of the Investment Funds, Corporate, and Banking & Finance teams in the Cayman Islands office. Phil Graham, Partner at Harneys, is global head of the Investment Funds and Regulatory groups and head of the transactional team in the British Virgin Islands.
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The buzz around a virtual asset or web3 project will typically focus on the ‘front-end’ – the product offering, team, partnerships, and performance; how it is going to change the world. Whilst accepting that the corporate structuring behind the front-end is far less exciting, it truly can make the difference between a project’s success and sustainability or its failure and damaging fallout.
Many web3 projects aspire to decentralisation, but initially consist of a small and highly centralised team. Like any early-stage start-up, a crypto project will usually want to set up a corporate structure to protect the project’s team and its assets,...
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