Foundations are proposed or selected by artists wanting to donate a part of their sales proceeds. This process is fully and transparently automated on Vigee.art thanks to blockchain based smart contract technology. Once a Foundation is proposed by an artist we perform a Know Your Business (KYB) verification for anti-money laundering conformity to ensure compliance with financial regulators.
Thereafter, a Foundation will require a digital asset wallet (.i.e. Metamask), in order to be able to obtain funds. Alternatively, we can offer in some exceptional cases a supportive custody for a reasonable fee, if a Foundation does not want to create a digital wallet. Written mutual consent is in this case also required.