Cred Teams Up With NBA Star Spencer Dinwiddie To Offer 10% Interest On Crypto Loans

Crypto lending and borrowing firm, Cred, has signed an agreement with NBA Brooklyn Nets basketball star and tech entrepreneur Spencer Dinwiddie to enhance crypto lending. Cred rolled out a new post on their website to encourage Dinwiddie's fans to start using their current holdings to earn interest.

As per the partnership, Cred will allow clients to make money by using stablecoins as well as other crypto-assets. The users will earn a 10% annual interest as per the advert. The users will also access lending services by collateralizing their crypto assets.

The new deal specifically targets Dinwiddie’s fans by allowing them to earn money from their stablecoins. Dinwiddie praised the deal saying that he will use the opportunity to create awareness about crypto and blockchain among his fans. He stated:

“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.”

The partnership will require the users to lock their assets in Cred platform for about six months. However, interests will be paid on a monthly basis in the form of fiat or crypto.

Part of the proceeds from the partnership will be given to Dinwiddie Family Foundation that offers college scholarships to disadvantaged youths in the society.

Although Dinwiddie has made his name in the basketball space, he is also actively involved in the blockchain and crypto space. The NBA star launched the Dream Fan Shares which is a tokenization initiative developed on Ethereum in September last year. The initiative aims at introducing ‘Professional Athlete Investment Tokens’ that allows accredited investors to buy securities linked to an athlete’s success.

As per the project, Dinwiddie’s contract was set to be the inaugural security but the NBA was reluctant to approve the idea, however, the status of the project remains unclear to date.

While the partnership with Cred may look strange, it is a huge boost for the NBA star whose belief in the crypto world has never been in doubt if his Twitter activity is anything to go by.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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