Walkers' Guernsey Private Capital & Trusts team have advised NEAR Foundation on supporting the creation of a legal framework to support its fast growing online Web3 ecosystem.

The team led by group partner David Cooney, supported by associate Marcél Treurnicht, advised on the creation of a Guernsey Purpose Trust to act as a decentralised treasury for the NEAR network.

The NEAR Community Purpose Trust is intended to serve as a decentralised treasury for the NEAR ecosystem that will allocate funds to support various grassroots initiatives which bring together users, projects, stakeholders and partners of the NEAR ecosystem to promote self-governance, aiming to empower the ecosystem to collectively make decisions on a number of important subject matters.

Guernsey Purpose Trusts are an increasingly popular choice for structures to bridge the gap between the online and traditional economies, and Walkers' Guernsey team are the market leaders in their use.

The Walkers team worked with NEAR Foundation general counsel Christopher Donovan, and the Governance Working Group (a grassroots group that is part of the NEAR Community) to establish the NEAR Community Purpose Trust.

David said: "We are delighted to have worked with NEAR Foundation on this matter, which once again shows how Guernsey Purpose Trusts are being used by digital creators as a key structuring tool."