A Milestone in Web3 Governance: STORM Chosen as Legal Counsel for 1inch DAO
Geneva, Switzerland
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January 12, 2024 11:27 AM Eastern Standard Time
STORM Partners, a leading Web3 solutions provider based in Geneva, has been voted by an overwhelming majority as the legal counsel for 1inch DAO. The decision sets a historic precedent for decentralized autonomous organizations, as it becomes the first time that a DAO has directly hired legal counselling services and delegated its legal representation before third parties.
This decision also represents a bridge between the decentralized ethos of a Web3 DAO and the legal and regulatory stability provided by a centralized legal counsel.
With STORM Partners’ extensive track record of Web3 client partnerships, this convergence signifies a seamless union of two realms, forming an ideal synergy aligned with the DAO’s objectives. It also marks a significant stride in addressing the multifaceted legal challenges faced by DAOs in today’s evolving landscape, such as regulatory compliance, contractual agreements, governance frameworks, liability protection, intellectual property rights, and defense against external claims
The voting was closed on Tuesday night, with an overwhelming 96.46% approval. This is a one-of-a-kind case, as the Swiss company, as legal counsel, proposed the DAO to be engaged and have detailed the characteristics of their mandate. Thus, 1inch DAO has chosen and conferred upon STORM Partners a power of attorney to legally represent it before third parties.
“We are honoured that the 1inch token community has entrusted us as the legal counsel for their DAO. Our team is dedicated to safeguarding their interests with the utmost commitment. This engagement, being 'fully decentralized,’ marks a significant step forward in the journey towards legal recognition of decentralised organizations. It's not just a milestone for us but a testament to the evolving landscape of legal frameworks adapting to innovative governance models,” said Nicola Massella, director of the Legal and Compliance department at STORM Partners.
The importance of legal counsel for 1inch DAO cannot be overstated, given the intricate challenges posed by regulatory risks, liability concerns, contractual ambiguities, governance complexities, and the imperative need for legal recognition as a legitimate entity in multiple jurisdictions.
We are thrilled to embark on this new chapter with STORM Partners. This partnership not only represents a significant milestone for 1inch Network but also for the broader decentralized finance space. As we navigate the complex regulatory landscape, this collaboration stands as a testament to our dedication to innovation while upholding our core principles. We are enthusiastically looking forward to the future, confident that this union will bolster the robustness and credibility of DeFi, enabling us to continue to expand the horizons of what’s achievable”, added Jordan Reindl, Governance Lead at 1inch.
STORM Partners' exclusive focus on Web3, coupled with its tailored approach and experienced legal services, positions it as an ideal collaborator for 1inch DAO.
About STORM Partners
STORM Partners is a premier all-in-one professional services provider within the dynamic blockchain industry. Its expertise spans the global landscape of Web3, collaborating with a diverse spectrum of businesses and brands – from nimble startups and pre-IDOs to flourishing scale-ups and established global organizations.
About 1inch DAO
1inch DAO is a decentralised organization that governs the network parameters, enabling 1INCH holders to vote for key protocol parameters and collect governance rewards.
Distributed by STORM Partners. Contact Adrian Bono for interviews and quotes -adrian.bono@storm.partners or telegram @STORMPartners
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