Some celebrity endorsements for cryptocurrency have encountered issues. In 2017, the Securities and Exchange Commission warned that some famous people were promoting sales of virtual currencies known as initial coin offers without revealing that they had been paid to promote them. The commission has since settled the charges against boxer Floyd Mayweather Jr., music producer DJ Khaled and actor Steven Seagal.
Social media influencers and esports stars have also been linked with shady cryptocurrency schemes, accused of inflating coins just before their value plummeted.
Coin Cloud’s chief marketing officer, Amondo Redmond, said he hopes Mr. Lee’s stature will help elevate the industry by offering something “more than just a cool creation, but one that’s really up to date. point of digital currency which is becoming mainstream “.
“It’s more than just adding a celebrity face,” he said.
Mr. Lee, who won an Oscar in 2019 for Best Adapted Screenplay for “BlacKkKlansman,” has worked on commercials for Capital One, Uber and, most famous, Nike. In the 1980s and 1990s, he directed and starred in commercials for Air Jordans, playing his cinematic alter ego Mars Blackmon opposite Michael Jordan.
“It was lightning in a bottle,” Mr. Lee said from a flight to the Cannes Film Festival, where he is the first black to lead the festival jury.
He declined to say how much he was paid for Coin Cloud advertising, but noted that “if anyone knows about my work over the past four decades, you kind of know the way I see the world and when they approached me, it fits the line.
As the coronavirus pandemic continues to highlight the financial disadvantages of people of color, Mr Lee hopes to promote cryptocurrency as neutral with respect to race, gender, age, and other characteristics of people of color. ‘identification.