NEO (NEO) has officially released specifics about its new organizational structure first mentioned by Da Hongfei back in April. According to the announcement, the NEO Council has officially reorganized into the NEO Foundation, co-chaired by Hongfei and Erik Zhang, and two operational units funded by the NEO Foundation.

The Announcement of NEO Reorganization https://t.co/i1lRq8orZC — Neo Smart Economy (@Neo_Blockchain) May 22, 2018

In the announcement, NEO highlights the two major business units that are under the NEO Foundation’s control: NEO Global Development and NEO Global Capital.

“The two units fully funded by the NEO Foundation are NEO Global Development (NGD) and NEO Global Capital (NGC). NGD, dedicated to technological R&D, community operations and marketing, will execute strategies outlined by the NEO Foundation. NGC, the for-profit licensed fund management company registered in Singapore, will act as the investment arm to enforce the development of high-quality blockchain projects. Though NGC is fully funded by the NEO Foundation, the funds under its management may have other limited partners.”

Hongfei and Zhang, the co-chairs of the NEO Foundation, will have executive decision-making power. The project is also actively building an adjacent non-profit organization focused on enhancing academic research on NEO’s blockchain technology.

In the recent cryptocurrency rankings by the Chinese government, which were based on technology, application and innovation, NEO was ranked fourth, while Bitcoin was ranked 13.

NEO’s price is currently $60.25 with a market cap of ~$4 billion.