NBA's Spencer Dinwiddie partners with Cred to promote crypto lending
Professional basketball player and entrepreneur Spencer Dinwiddie teamed up with a Crypto-based lending and borrowing platform Cred to educate the NBA fans on the power of cryptocurrencies and blockchain while earning interest on their digital assets.
The platform allows users to earn interest on stablecoins and other cryptocurrencies, as well as lending crypto by collateralizing the user’s digital assets. Stablecoins are less volatile than cryptocurrencies like Bitcoin or Ethereum because they are pegged to fiat currencies.
Through this partnership, Dinwiddie's fans will get a chance to earn up to 10% interest on their crypto assets from the Spencer Dinwiddie & Cred partnership website. The monthly interest payments can be delivered either in fiat or cryptocurrency.
Part of the earnings will go to the Dinwiddie Family Foundation, a charitable organization that provides college scholarships to disadvantaged and at-risk youth.
According to Dan Schatt, CEO of Cred, Dinwiddie, who has tokenized his NBA contract for the Brooklyn Nets on the Ethereum blockchain earlier this year, is fairly knowledgeable about blockchain and, therefore, is a perfect spokesperson. "He's really the guy pushing the envelope...in most of professional sports,”
Back in September 2019, the “Tech guy with a jumper” announced the launch of a tokenization project based on Ethereum, Dream Fan Shares, that seeks to introduce “Professional Athlete Investment Tokens". These tokens allow accredited investors to acquire securities tied to the financial success of the athlete.
Dinwiddie’s feed on social media suggests an evident sympathy toward the blockchain and crypto world, hence, cooperation with Cred seems to be a reasonable business venture for the entrepreneur.