The Radix Foundation is a not-for-profit organization focused on the development, promotion, and governance of the Radix public network, a decentralized ledger technology. Established in the United Kingdom, the Foundation aims to further the understanding and adoption of Radix technology through various initiatives, including education, research, and community support.
History and Formation
The Radix Foundation traces its origins to the development of the Radix distributed ledger technology by a team led by Dan Hughes and Piers Ridyard. The founders' philosophy was to decentralize all critical aspects of the network's functionality, with the goal of eventually achieving full decentralization.
To facilitate the expedited delivery of the required components while adhering to legal, regulatory, and accounting considerations, the present structure of the Radix Foundation and its group of entities was established. This structure aimed to facilitate the development and deployment of the Radix network without precluding future decentralization efforts.
The Radix Foundation Ltd. was incorporated in the United Kingdom as a not-for-profit holding company limited by guarantee. Its role is to serve as a representative vehicle for providing governance for the Radix community, with the intention of transitioning to a more decentralized governance model after the launch of the Babylon mainnet upgrade.
In parallel, Radix Tokens (Jersey) Ltd. was established as a wholly-owned subsidiary of the Radix Foundation, responsible for the issuance and management of the Radix ($XRD) tokens in accordance with the Jersey Financial Services Commission's requirements. This entity was critical in conducting the initial token sale and facilitating the distribution of tokens to various stakeholders.
As the development of the Radix network progressed, additional entities were formed, such as Radix Publishing Ltd., a subsidiary tasked with publishing the open-source code and managing communication channels, Archetype Ltd., which holds non-open-source intellectual property related to the project, and Exosphere Ltd., whose purpose is currently unknown.
Organizational Structure
The Radix Foundation operates through a group of interrelated entities, each serving a specific purpose within the broader Radix ecosystem. This structure was designed to facilitate the development and deployment of the Radix network while adhering to legal, regulatory, and accounting requirements.
Radix Foundation
The holding company at the core of the organization is registered as RADIX FOUNDATION – company 12106715, incorporated 16 July 2019 – with no "Ltd" suffix, under the exemption available to a company limited by guarantee. It is incorporated in the United Kingdom and has no shareholders. The Foundation's articles preclude any director or guarantor from receiving assets or benefiting from them should the company be dissolved.
Radix Tokens (Jersey) Ltd
This entity, wholly owned by the Radix Foundation, is responsible for the issuance and management of the Radix ($XRD) tokens. It operates under the jurisdiction of the Jersey Financial Services Commission (JFSC) and conducts token issuance and related activities in accordance with JFSC requirements.
Radix Publishing Ltd
Radix Publishing Ltd is a Jersey subsidiary of the Radix Foundation, not a UK one; its UK arm is a separate company, Radix Publishing (UK) Limited (14955990, incorporated 23 June 2023), which is a subsidiary of the Jersey company and files dormant accounts. Its primary role is to publish the "canonical version" of the Radix open-source ledger code, control the public GitHub repository, and manage all public-facing communication channels attributed to Radix. This entity ensures the transparency and integrity of the open-source codebase and related information dissemination.
Archetype Ltd
Archetype Ltd holds non-open-source intellectual property related to the Radix project. It does not appear on the UK register, and the Foundation's own description of the group does not state its jurisdiction, so its place of incorporation is unconfirmed.
The separation of responsibilities across these entities allows for a structured approach to managing different aspects of the Radix ecosystem, such as token issuance, open-source development, and proprietary technology, while adhering to relevant legal and regulatory frameworks.
Exosphere Ltd
Previously known as Radix Ecosystem Holding Ltd., Exosphere is a company registered in Jersey.
Governance and Management
The Radix Foundation and its group of entities are governed by a board of directors responsible for strategic decision-making, oversight, and ensuring compliance with legal and regulatory requirements.
Board of Directors
The register of officers records five directors of the UK company. Only one remains.
| Director | Appointed | Resigned |
|---|---|---|
| Daniel Patrick Hughes | 18 July 2019 | 27 July 2025 |
| Piers Shrewsbury Wedgwood Ridyard | 16 July 2019 | 31 January 2025 |
| Lord Godfrey John Cromwell | 26 October 2023 | 31 January 2024 |
| Lindsey Tan Lim | 26 October 2023 | 10 February 2025 |
| Andrew John Jarrett | 10 February 2025 | – |
Cromwell's tenure lasted a little over three months. Since 10 February 2025 Jarrett has been the sole director and sole person with significant control of the UK company. Hughes and Ridyard are the co-founders of the Radix project; they were also the controlling parties of RDX Works Limited (previously Radix DLT Limited), the core developer of the Radix network source code, until 18 April 2023, when RDX Holdings Ltd took 75% or more and both ceased to be persons with significant control.
Recent Appointments
In late 2023, the Radix Foundation added two new non-executive directors to its board, both of whom have since departed - Lindsay Tan Lim and Lord Godfrey John Cromwell.
Governance Processes
All budgetary actions and major decisions related to Radix Tokens (Jersey) Ltd. require majority approval from its board of directors, which includes Andy Jarrett, Lindsay Bracegirdle, James Cunningham-Davis, Piers Ridyard, and Dan Hughes.
The Radix Foundation has implemented strict internal governance processes to prevent insider trading and ensure the responsible use of funds. Employees and major fund recipients, such as RDX Works Ltd., are required to obtain documented permission from the board before trading any Radix ($XRD) tokens.
Dan Hughes indicated that he would not be taking a salary “for 12 months or until things have turned around significantly.”
Radix Public Network and Token
The Radix Public Network is a decentralized ledger technology developed by the Radix Foundation and its associated entities. It is built on a novel consensus algorithm called Cerberus and utilizes a unique asset-oriented architecture.
The network's native cryptocurrency, Radix ($XRD), plays a crucial role in powering the ecosystem and incentivizing participation. $XRD is used for paying transaction fees, staking, and facilitating various decentralized applications (dApps) and services built on top of the Radix Public Network.
Initial Token Distribution
According to the Radix Economics White Paper released in October 2020, the initial distribution of $XRD tokens was as follows:
- Founder Reserve: 2.4 billion $XRD retained by RDX Works Ltd. (formerly Radix DLT Ltd.)
- Stable Coin Reserve: 2.4 billion $XRD indefinitely locked by Radix Tokens (Jersey) Ltd.
- Radix Tokens (Jersey) Ltd.: Approximately 3.36 billion $XRD allocated for development, security, subsidies, incentives, and operational expenses.
- Token Sale, Community, and Liquidity Incentive allocations made up the remainder.
Token Holdings and Management
As of February 2024, Radix Tokens (Jersey) Ltd. held approximately 2.21 billion $XRD, representing a significant financial foundation to support the growth and development of the Radix Public Network. These holdings are allocated across various buckets, including development, grants, liquidity programs, and operational expenses.
To sustain its initiatives, Radix Tokens (Jersey) Ltd. maintains a robust reserve of assets, including fiat currency, stablecoins, and other cryptocurrencies. It works with regulated entities and strategic over-the-counter (OTC) partners to manage the sale of $XRD tokens, aiming to minimize market impact and support ecosystem growth.
Funding and Expenditure
The Radix Foundation and its entities have relied on various funding sources to support the development, deployment, and growth of the Radix Public Network.
Sources of Funding
One of the primary sources of funding for the Radix ecosystem has been the proceeds from the sale of Radix ($XRD) tokens. During the initial token sale in November 2020, Radix Tokens (Jersey) Ltd. received approximately 3.36 billion $XRD tokens, intended to cover development costs, security measures, network subsidies, developer incentives, awareness programs, liquidity programs, and other operational expenses.
Expenditure Breakdown
Over the three-year period leading up to early 2024, Radix Tokens (Jersey) Ltd. approved expenditure amounting to approximately £24 million to fuel the growth and development of the Radix Public Network. This funding has been allocated across various areas, including:
- Technology development: Covering the creation of core components such as the Radix Engine, Scrypto programming language, wallets, and other critical services.
- Marketing and community initiatives: Supporting events like APE NYC, Dev Swarm, RadFi 2022, conference attendance, and social media presence.
- Ecosystem support: Providing grants, funding programs, and resources to foster the growth of dApps, developers, and the broader Radix ecosystem.
For the period between April 2023 and January 2024, the expenditure breakdown was as follows:
- 47% - Technology and Product Development
- 24% - Marketing and Community
- 14% - Operational Expenses
- 15% - Ecosystem Support
Treasury Management Strategy
To responsibly manage its token holdings and fund ongoing operations, Radix Tokens (Jersey) Ltd. works with regulated entities and strategic over-the-counter (OTC) partners. These partners are contractually obligated to implement market impact minimization strategies, such as placing orders away from the current market price, to avoid significant price movements.
Additionally, Radix Tokens (Jersey) Ltd. pauses all treasury management activities during major announcements, milestones, and periodically to ensure market neutrality of the strategies employed.
Initiatives and Projects
The Radix Foundation and its entities have supported numerous initiatives and projects aimed at fostering the growth and adoption of the Radix Public Network and its ecosystem.
Key Projects
One of the primary focuses has been the development of the core Radix technology stack, including the Radix Engine, the Scrypto programming language, and various wallets and critical services. These components lay the foundation for a thriving decentralized economy on top of the Radix network.
Ecosystem Support
In addition to technology development, the Radix Foundation has allocated significant resources to support the broader Radix ecosystem. This includes providing grants and funding programs for developers, entrepreneurs, and projects building on the Radix Public Network.
For instance, in early 2024, Radix Tokens (Jersey) Ltd. provided a grant of $10 million worth of $XRD tokens towards the launch of Project Ignition, a liquidity campaign aimed at accelerating the growth of the Radix ecosystem. Additionally, an allocation of 25 million $XRD (worth over $1 million at the time of announcement) was made available for developers and entrepreneurs building on the network.
Community Initiatives
The Radix Foundation has also supported various community initiatives, such as the Dev Swarm events, which brought together over 250 developers from across Europe for a shared Scrypto learning experience. Other initiatives include attending and hosting conferences, growing the Radix social media presence, and fostering a vibrant community around the project.
Licensing and Open Source
The Radix Foundation and its entities have embraced open-source development as a key pillar of their approach, promoting transparency, collaboration, and community engagement.
Radix Licenses
Radix Publishing Ltd., a subsidiary of the Radix Foundation, has created a set of licenses to facilitate the distribution of software and documentation, as well as to encourage regular contributions from individuals and corporations.
The primary license used is the Radix License 1.0, which is based on the Apache License 2.0 but with additional provisions to address the complexities of open-source, permissionless distributed ledgers. This license aims to protect the Radix community and ensure the creation of reliable and long-lived software products through collaborative open-source development.
Open-Source Development
All software and documentation published by Radix Publishing Ltd. or any of its projects are licensed under the Radix License 1.0, unless explicitly stated otherwise. This approach ensures transparency and promotes community participation in the development of the Radix Public Network and its associated technologies.
By embracing open-source development and fostering a collaborative community, the Radix Foundation aims to create a robust and decentralized ecosystem around the Radix Public Network.
Transition to Community Governance (2026)
In January 2026 the Radix Foundation announced a phased transition toward community ownership of the network, fulfilling its long-stated goal of progressive decentralization. Over the following months the Foundation ran a series of token-holder consultations – covering the future of the validator subsidy, the establishment of a Radix Accountability Council (RAC), and eligible assets for governance snapshots – in which more than one billion XRD participated.
On 28 April 2026 the Foundation confirmed it would move to "maintenance mode" from May 2026. Under this model the Foundation minimizes active development of new features, restricts social media to critical updates, and runs support in a reduced "MVP" capacity, with several long-standing team members – including Adam Cleary – stepping down from their roles. The change marks the wind-down of the Foundation as the network's primary steward.
To keep the network running through the handover, the Foundation pre-funded the P1 infrastructure (Gateway, Signaling Server, and Radix Connect Relay) through December 2026, funded centralized-exchange market making through September 2026, and provided the newly elected Radix Accountability Council with a $67,000 grant plus 10 million XRD to bootstrap its DAO. Community or free alternatives now host services that the Foundation previously operated directly, including the Dashboard and Developer Console.
The Foundation has stated that, once a community legal entity is established, the intention is for the remaining treasury to be transferred to it – the final step toward the network being fully owned and governed by its community. Through mid-2026, community discussion in the official Radix Telegram identified that entity as a Marshall Islands DAO LLC formed through MIDAO, with the treasury to be transferred to the DAO LLC once it is established; community-shared timelines put this around Q4 2026, after completion of the network's M1 milestone and the signing of a "Prime Vault" custody arrangement. (These specifics come from community discussion rather than a formal Foundation announcement.) This wind-down also closed the interim Hyperscale program, with high-throughput research continuing in the community-led hyperscale-rs effort.
The Companies House Record
The Foundation's own account of its structure, written before 2025, describes a UK not-for-profit holding company with Jersey subsidiaries. The UK register now tells a more complicated story: the holding company was struck off and restored, and effective control of the group moved to Jersey.
Registration
The UK entity is registered as RADIX FOUNDATION – company 12106715, incorporated 16 July 2019. It carries no "Ltd" or "Limited" suffix because it is a company limited by guarantee using the exemption from the requirement to include one, which is the standard form for a UK not-for-profit. Its registered office is Trent House, 234 Victoria Road, Fenton, Stoke-on-Trent ST4 2LW, the city where Dan Hughes built the earliest versions of Radix.
Dissolution and restoration, 2025
On 4 February 2025 the registrar issued a first gazette notice for compulsory strike-off. No response was filed, and on 29 April 2025 the final gazette recorded the company as dissolved. It stayed off the register for roughly seven months. On 17 November 2025 an administrative restoration application was filed, and on the same day the company filed everything it owed: accounts to 31 December 2024, a confirmation statement dated 15 July 2025, the appointment of Andrew John Jarrett as director, the terminations of Lindsey Tan Lim and Dan Hughes, and a move of the registered office from the Companies House default address in Cardiff to Stoke-on-Trent. An earlier strike-off notice, in June 2022, was discontinued within a fortnight.
The pattern is not confined to the Foundation. Every surviving UK company in the group has faced a compulsory strike-off notice since 2025: RDX Works Ltd in May 2026, RDX Holdings Ltd in June 2026, and Radix Publishing (UK) Limited in May 2025. All three were discontinued.
Migration to Jersey
On 10 February 2025 the person with significant control of Radix Publishing (UK) Limited changed from the UK Radix Foundation to Radix Foundation Limited, a company incorporated in Jersey under the Companies (Jersey) Law 1991 with registration number 156362. The same day, Andrew John Jarrett – resident in Jersey, and chief executive of Radix Tokens (Jersey) Limited – was appointed the UK Foundation's director and sole person with significant control, and Lindsey Tan Lim's directorship ended.
Statements that new directors joined "the Radix Foundation" after Hughes' death therefore refer to the Jersey company. The UK company has had exactly one director since February 2025.
The group on the UK register
| Entity | Number | Status |
|---|---|---|
| RADIX FOUNDATION | 12106715 | Active – dissolved 29 Apr 2025, restored 17 Nov 2025 |
| RADIX PUBLISHING (UK) LIMITED | 14955990 | Active, files dormant accounts |
| RDX WORKS LTD | 10864928 | Active, accounts overdue |
| RDX HOLDINGS LTD | 14648189 | Active, accounts overdue, office defaulted to Cardiff |
| METAVERSE (RADIX) LIMITED | FC040852 | Jersey company; UK establishment closed 29 Apr 2026 |
| RDX RESOURCES LTD | 14652000 | Dissolved 23 Dec 2025 |
| METABRIDGE LIMITED | 13476191 | Dissolved 17 Feb 2026 |
| GOODFI LIMITED | 13229708 | Dissolved 18 Mar 2025 |
| RADIX PUBLISHING LTD | 13434754 | Dissolved 1 Mar 2022 |
| RADIX TOKENS LTD | 12686087 | Dissolved 30 Nov 2021 |
Two of the dissolved companies share names with live Jersey entities and should not be confused with them. RADIX TOKENS LTD (12686087) was a UK company incorporated 20 June 2020 and dissolved 30 November 2021; the token issuer is the separate Radix Tokens (Jersey) Limited. RADIX PUBLISHING LTD (13434754) was a UK company incorporated 2 June 2021 and dissolved 1 March 2022; the publisher of the canonical code is the Jersey company of the same name. Both UK entities had Hughes and Ridyard as their only directors.
METAVERSE (RADIX) LIMITED is a Jersey company, registration 136526, which registered a UK establishment on 24 April 2023 for the stated purpose of "provision on instabridge service to exchange digital assets". Its board was the same five people who ran Radix Tokens (Jersey): Andrew Jarrett, Lindsay Bracegirdle, James Cunningham-Davis, Piers Ridyard and Dan Hughes. Its UK establishment closed on 29 April 2026, the day after the Foundation announced its move to maintenance mode.
GOODFI LIMITED was a real company, not only an initiative – a company limited by guarantee incorporated 26 February 2021, registered at "Rdx Works, 7 Bell Yard", with Piers Ridyard and Adam Leslie Simmons as directors. It was dissolved on 18 March 2025.
Radix Labs has no separate legal personality. No company of that name appears on the UK register; it is a division, not an entity.
Organizational Structure at a Glance
Radix is run by a family of legal entities – a UK not-for-profit foundation and its wholly-owned subsidiaries – while the core protocol is built by RDX Works, a separate company the Foundation funds. Since 2026 the Foundation has been handing governance over to a community-owned DAO, bridged by the elected Radix Accountability Council.
Website Status (2026)
Following the move to maintenance mode, the Foundation's own website has gone dark. As of 2026-07-30 radixfoundation.org and www.radixfoundation.org still resolve in DNS to their Webflow host but refuse the TLS handshake (tlsv1 alert internal error), so no page is served over HTTPS; the same is true of RDX Works' rdx.works. Citations on this page therefore point to the July 2024 archived snapshot. radixdlt.com and the knowledge base remain online.