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.
We are beyond excited to welcome our newest partner – philanthropist, entrepreneur and NBA superstar 🏀, Spencer Dinwiddie @SDinwiddie_25. @NBA fans, learn how you can now earn interest on your #stablecoins and other #crypto assets:https://t.co/TE7qwzon0S pic.twitter.com/C5zhiaUscJ
— Cred (@ihaveCred) March 20, 2020
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.