Acting For Story Foundation On Strategic Launch Of Its Governance Token $IP

We are proud to act as Cayman Islands counsel to Story Foundation, a foundation company incorporated in the Cayman Islands (the "Foundation") to support the growth and development of the Story Network, a purpose-built layer 1 blockchain designed to IP owners to set programmable terms for how their IP content is used (the "Protocol") and the Story Decentralized Autonomous Organization (the "DAO" or "Community").

We acted for the Foundation on the launch of its governance token $IP to facilitate decentralised coordination for the continued advancement of the Protocol and formalise governance with the aim of bolstering Community participation whereby holders of IP Tokens can actively participate in decision-making processes and initiatives to shape the future of the Protocol, such as managing the DAO treasury and administering a grant programme thereby contributing to ongoing developments and improvements. The Story Network operates through a peer-to-peer system, removing the bottlenecks of traditional IP systems that make the management of IP expensive and inefficient, through permissionless exchange.

Our team was led by partners Melissa Lim, Ian Mason, and Alex Drysdale, and associates Carolyn Kelly, Charlie Griffiths, Alfida Cruz and Dwight Williams. Walkers acted alongside US counsel Fenwick & West LLP, Horizons Global and Leeward Management Limited providing directorship and registered office services to the Foundation and Open World Inc. as Web3 advisory and launch partner of the Foundation.