Proton, the company behind one of the best password managers and best VPN products out there, has announced that it is becoming a non-profit organization.
The Proton Project is known for being open source for all its solutions, including Proton VPN and Proton Mail.
This move will continue to ensure that Proton products are built in the interests of the community they serve by adopting the Swiss non-profit structure that blocks hostile takeovers and sets a legal precedent for the trustees to run the company in accordance with Proton’s original mission.
Non-profit Proton
Interestingly, the foundation for Proton’s non-profit structure rests on the beating heart of the company, Proton AG, which continues to operate in a for-profit structure under the watchful eye of the non-profit foundation, which will be the main shareholder and the will protect interests. protect the company against hostile takeovers and investor pressure.
In the letter announcing the new model, Proton founder Andy Yen emphasized that this structure would offer the best of both worlds, stating that “the for-profit company is not prevented from issuing stock options to attract the best talent in attract and stimulate technology. It would not even prevent the company from raising capital in the public markets if additional resources are needed to win the battle for the future of the Internet.”
“However, the foundation’s control would always require that the company act in a manner that does not compromise Proton’s original mission, and Proton’s financial success is directly for the public good. In this way, we aim to preserve not only Proton’s values, but also our culture of innovation, entrepreneurship and ambition, and our ruthless competitive spirit,” said Yen.
The announcement comes on the 10th anniversary since Proton began its journey with Proton Mail crowdfunding in 2014.