Brooklyn Nets player Spencer Dinwiddie has agreed an exclusive partnership with Cred, a California based licensed lender, to allow NBA fans to earn interest on stablecoins and other crypto assets.
Stablecoins are a type of crypto asset that are linked to something stable, such as the US Dollar or the Pound, and thus are very popular when financial markets are highly volatile. Customers in need of liquidity can also pledge crypto assets as collateral to obtain loans.
The Spencer Dinwiddie and Cred strategic partnership gives digital asset holders the ability to earn up to ten percent interest on Bitcoin, Litecoin, Ethereum, and more by visiting the Spencer Dinwiddie & Cred partnership website, providing fans with an alternative to traditional banking solutions.
“It’s important for me to bring value to my fans both on and off the court,” stated Dinwiddie, Brooklyn Nets Guard.
“I believe blockchain can radically reshape the nature of financial services for the better, and the Cred team is well-positioned to make this happen. I believe in Cred’s mission to provide more equitable and inclusive financial services to people, leveraging blockchain technology, and their team has unmatched expertise in capital markets, blockchain, and traditional financial services.
“This partnership comes at a critical time, where I can educate my fans on the power of cryptocurrencies and blockchain while they earn interest on their digital assets.”
This is not the NBA player’s first cryptocurrency project as last month, Dinwiddie launched an Ethereum-based platform called DREAM Fan Shares providing customers with blockchain possibilities.
Dan Schatt, CEO and Co-Founder of Cred stated: “While Spencer Dinwiddie might be best known for his star power on the court, we here at Cred are proud to partner with such a dedicated entrepreneur.
“We’re thrilled that Spencer is using his platform to bring awareness of the power of blockchain to make money work harder and smarter in challenging market conditions and we are delighted to support Spencer in our collective mission to democratise financial services through blockchain.”
As part of the collaboration digital asset holders can commit to a six-month term and receive monthly interest payments, with the option to roll over pledged assets for additional periods. The partnership also announced that no account minimum is needed and interest is paid out in fiat or cryptocurrency.
On the court the 26-year old is regarded as one of the league’s top guards, averaging 16.8 points and 4.6 assists per game last season.