Decentralized finance (DeFi) platform 1inch has inked a deal with the family of legendary martial arts actor Bruce Lee to change the public’s view about crypto.
The initiative, named Take Crypto SeriousLee, wants to change people’s hearts away from seeing crypto as a speculative and unserious product. Instead, it will showcase DeFi and Web3 as the future of the financial market.
During the initiative’s announcement, 1inch lauded its working relationship with the Lee family. The platform said it coined its name from the superstar’s iconic movie one-inch punch. The platform also mentioned that it wants the product to showcase Bruce Lee’s versatility, innovativeness, and agility in its development.
1inch pays tribute to Bruce Lee with the initiative
According to 1inch co-founder Sergej Kunz, the development is a product of three years of work between both parties. Aside from using it to pay tribute to Lee, it would also be used as a tool to drive adoption.
He mentioned that involving the Lee family felt like a good step in the right direction. He hopes that the product will spread the values of the late superstar and push the benefits of crypto to wider audiences.
Kunz also noted that the collaboration came at the perfect time for the crypto industry. With DeFi reaching a stage where public trust is vital, it will help show the general public its benefits.
On their part, the Lee family is excited about the partnership with 1inch to showcase their patriarch. In a statement by Bruce Lee’s daughter Shannon, the family expressed their gratitude and delight in actualizing the campaign. Shannon also commended the platform while looking forward to a more fruitful partnership.
DeFi and Web3 need different regulatory approaches
Kunz took the opportunity to discuss regulation in the DeFi sector. He noted that keeping regulatory benchmarks in the industry will help provide better clarity.
In his opinion, using metrics like AML and compliance checks is important to increase the friendliness of the sector. He notes that this could also help them promote innovation and not stifle growth. He also clarified that a different approach, not used in traditional finance, should used to regulate the Web3 and DeFi sectors.
He said that the different landscapes of both sectors require a set of regulations tailored to them. Finally, he mentioned that regulators need to look for ways to protect users while making sure that their practices aid growth.