News News

Crypto Adoption: NBA Player All Set To Tokenize His Million Dollar Contract

Published September 13, 2019 | Updated September 13, 2019

spencer dinwiddie

Crypto Adoption: NBA Player All Set To Tokenize His Million Dollar Contract

Brooklyn Nets guard Spencer Dinwiddie is all game to play with the digital economy. Dinwiddie is converting his multi-million dollar contract into a digital token.

Dinwiddie to Tokenize His Million-Dollar Contract

Per leading media outlet Athletic, Dinwiddie plans to convert his $34.36 million contracts into a digital token. Subsequently, he plans to use it as collateral to raise capital. With this securitization, Dinwiddie would receive a smaller payment in a lump sum. With this lump sum amount, he can then invest in a currency that exists as a digital currency. 

“In a securitization, the borrower gives up some future income in return for a smaller lump sum payment. But the borrower, in this case, Dinwiddie, then has more money to immediately invest than he otherwise would.

Further, Dinwiddie has also put up a spin on crypto by tweeting “BTC” to his followers. His tweet garnered positive responses from the crypto community and got an interesting response from the leading exchange, Binance. 

 

Source-Twitter

Dinwiddie’s Interest in Crypto is Not New

Dinwiddie has always been vocal about his positive stance on crypto, Last October, he affirmed that he had thousands of dollars worth assets in Bitcoin. 

“If I would’ve gone all-in, boy, I’d be loaded right now. I’d be rolling in it,”

he said at the time.

Further, reports suggest, Dinwiddie took the plunge in the crypto world before it reached the masses. While only a few NBA players still hold assets in Bitcoin, Dinwiddie is a forward thinker. He is not the standard NBA crypto investor, while most of the players became keen on holding Bitcoin, Dinwiddie considers it to be “Vegas deals”- staking a few thousand dollars and then hoping for the best possible scenario. 

In this case scenario, Dinwiddie made its way out of the league. Interestingly, NBA players are leading businessmen and they include LeBron James, Kevin Durant, Andre Iguodala. However, in most cases, their investments are secondary. 

 

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

Subscribe to our newsletter for free

Supriya Saxena 216 Articles
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.
Follow Supriya @