Cred Partners With NBA Star Spencer Dinwiddie to Promote Crypto Lending

Brooklyn Nets point guard Spencer Dinwiddie and Cred have partnered to promote the crypto asset-based platform, in what is the NBA player’s latest crypto venture.

Crypto-based lending and borrowing platform Cred is partnering with professional basketball player and entrepreneur Spencer Dinwiddie. A special page has been launched since March 20 for Dinwiddie’s fans to use Cred.

The platform lets users earn interest on stablecoins and other crypto assets, with the company advertising a 10% annual interest rate. Lending is also possible by collateralizing the user’s crypto assets. 

The partnership targets Dinwiddie’s fans to let them earn interest on their stablecoins. Commenting on the announcement, he said:

“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.”

Cred spokesmen emphasized to Cointelegraph that using a partner page is the only way of accessing the platform without a concierge.

According to its website, the funds are used to “lend and transact with a variety of customers, including retail borrowers and money managers with well-established track records.” 

The highest interest rates currently offered on Dinwiddie’s dashboard are 6% on Bitcoin (BTC) and 8% on TUSD, if not using Cred’s LBA token. The platform requires locking the assets up for at least six months, though the interest payments are monthly and are delivered either in fiat or cryptocurrency.

Part of the revenue from the initiative will be donated to the Dinwiddie Family Foundation, which provides college scholarships to disadvantaged and at-risk youth.

An unlikely duo, or so it would seem

While Dinwiddie’s fame comes from his basketball career, the self-styled “Tech guy with a jumper” has already been strongly involved with blockchain.

As Cointelegraph reported in September 2019, he announced the launch of Dream Fan Shares, a tokenization project based on Ethereum. The project seeks to launch “Professional Athlete Investment Tokens,” which give accredited investors the ability to purchase securities tied to the financial success of the athlete.

The project’s first security should have been Dinwiddie’s contract. The NBA did not approve the transaction, however, and it is unclear if the initiative has moved forward since. The website offers no information on that account.

Looking at Dinwiddie’s Twitter feed, the athlete’s sympathy toward the blockchain and crypto world seems clear.  

One tweet in particular focuses on what he believes to be structural issues in the world economy, where the total amount of debt exceeds the amount of wealth. He also recently retweeted Anthony Pompliano and Erik Voorhees, both known for their enthusiasm for Bitcoin (BTC) and crypto.

The partnership with Cred, which may seem strange at first, appears to be a reasonable venture for the NBA player.