QIP-0036 · passed

Onboard Custodian

Authorize the Custody Subcommittee to onboard a secondary operator for Icelandic custody operations at Reykjavik (Pond #3) and Akureyri (Pond #9), subject to Q1 2026 ratification.

Proposer

0xCustody.eth

Posted

Dec 4, 2025

Closes

Dec 18, 2025

For

17,280,000

Against

2,100,000

Abstain

620,000

Rationale

Current Icelandic custody capacity at Pond #3 (Reykjavik) has reached 89% utilization. Regulatory and operational advantages favor establishing a secondary operator at Pond #9 (Akureyri) to serve expanding demand in Northern Europe and maintain the DAO’s target 15-20% headroom across all facilities.

Proposed action

Authorize the Custody Subcommittee to execute a Master Services Agreement with a qualified secondary custodian for operations at both facilities. Initial capacity allocation: 15,000 mallards at Reykjavik and 12,000 at Akureyri. All terms subject to DAO ratification in Q1 2026.

Risk factors

Operator vetting and onboarding may extend into Q2 2026 due to regulatory review timelines. Concentration of Icelandic operations with a single operator creates redundancy risk. Mitigation: dual-operator model ensures availability and compliance with ISO 27001 requirements across both facilities.