Storj Labs Inc. Taking Ownership Of Storj Funds

July 3, 2015

The Storj project has formally incorporated, and is now Storj Labs Inc. Storj Labs will now be responsible for project development, community management, and a few other things we’re very excited about. This is not a change of course. It has always been our intention to incorporate, and you’ll notice that a significant amount of our code references Storj Labs in the copyright line.

Over the next few days we'll be moving all the BTC and SJCX from the project wallets to the wallets owned by Storj Labs. It's the same project, and the same money, and all the same commitments about use of funds. We just need to maintain a clear division between corporate and non-corporate wallets for legal and tax purposes.

When the transfers are complete, we’ll publish the new addresses. We maintain our commitment to transparent use of the crowdsale funds and SJCX, and reiterate our promise to spend these funds on producing the Storj protocol as open-source software. However, as part of this transition, some of the bitcoins will be converted to fiat currency to spend on necessary services and materials.

Just to be clear, this is part of our plan to come out of low power mode, and put the money to work. We want to hire full time developers, and get the clients finished so that we can all use them. We’re excited to have you with us for the future of the Storj project.

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