- Tuesday, August 7, 2018
Gravel & Shea is pleased to announce that our client, Trace LLC—a Vermont-based startup using blockchain technology to develop supply chain and inventory management tools for the legal cannabis industry—organized the first ever Vermont blockchain-based LLC on July 1, 2018.
“Vermont’s new blockchain law is the first in the nation to allow blockchain-based limited liability companies. Trace immediately recognized the power of this new structure and asked us to help it form the first BBLLC,” said Ethan McLaughlin, a partner at Gravel & Shea.
An Act Related to Blockchain Business Development was signed by Vermont Governor Phil Scott on May 30, 2018 and became effective on July 1, 2018. The creation of blockchain-based limited liability companies (“BBLLCs”) allows blockchain companies to protect owners, managers and blockchain participants from unwarranted liability by forming BBLLCs. It also gives blockchain companies an enforceable legal framework to create custom governance and organizational structures that fit their unique technology and circumstances.
Congratulations to Joshua Decatur, Trace CEO, and Paul Lintilhac, Trace CTO. We look forward to supporting your business growth using this “first in the nation” blockchain organizational structure.