According to CoinMeta, the Ink Foundation behind Ethereum’s L2 network Ink, together with crypto market makers GSR and several law firms and auditing institutions, have established Charter Foundation to provide a unified legal framework for token issuance for crypto projects. The organization states that by setting up a dedicated Cayman Islands company for each project, the upfront costs of token issuance can be reduced by more than half. The relevant structure typically includes a laboratory company, a Cayman Islands foundation, and a British Virgin Islands issuing subsidiary, with costs potentially exceeding $100,000. After the project completes its issuance, the related Cayman companies will transform into independent foundations and disassociate from Charter Foundation. Ink Foundation indicates that Charter Foundation has nothing to do with Kraken.