Partnership with Brooklyn Nets Guard and Cred Enables Fans to Earn Interest and Borrow Digital Assets
SAN FRANCISCO--(BUSINESS WIRE)--NBA Star, entrepreneur, and philanthropist Spencer Dinwiddie and Cred, a California based licensed lender, have launched an exclusive partnership that will offer an alternative to traditional banking and allow NBA fans to earn interest on stablecoins and other crypto assets. Stablecoins are crypto assets that are pegged to something stable, such as the US Dollar, and are very popular when financial markets are highly volatile. Customers in need of liquidity can also pledge crypto assets as collateral to obtain loans. A portion of the revenue generated from the partnership will be reinvested into the Dinwiddie Family Foundation, which provides college scholarships to disadvantaged and at-risk youth. Starting today, individuals will earn up interest on their digital assets through the Spencer Dinwiddie & Cred partnership website.
“It’s important for me to bring value to my fans both on and off the court,” said Spencer 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.”
“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,” said Dan Schatt, CEO and Co-Founder of Cred. “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 democratize financial services through blockchain.”
As an athlete, entrepreneur, and investor, Spencer Dinwiddie has successfully launched several businesses by the age of 26. In January 2020, Dinwiddie launched an Ethereum-based platform called DREAM Fan Shares, placing him at the forefront of the cryptocurrency industry.
On the basketball court last season, Spencer Dinwiddie averaged 16.8 points and 4.6 assists per game emerging as one of the league’s top guards. The University of Colorado standout has also established the Dinwiddie Family Foundation which works with the United Negro College Fund (UNCF) to provide college scholarships to students in Los Angeles, California, or Brooklyn, New York.
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. 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. No account minimum is needed and interest is paid out in fiat or cryptocurrency.
ABOUT CRED
Cred is a global lending and borrowing platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred is headquartered in the San Francisco Bay Area. Cred's mission is to harness the power of blockchain to allow everyone to benefit from superior financial services. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology. For more information, visit www.mycred.io.
Disclaimer: CredEarn is the trade name for a service offered to non-US persons by Cred LLC, which is an entity distinct and separate from Cred (US) LLC. CredEarn allows you to extend a loan to Cred LLC. The purpose of the loan is to allow you to earn an enhanced yield on your crypto assets, such as Bitcoin. Cred LLC is not a bank and CredEarn services are not insured by the FDIC. CredBorrow and C-LOC™ are trade names for lending products of Cred (US) LLC, a licensed lender and a wholly-owned subsidiary of Cred LLC. Loans, loan amounts, terms, and rates are not available in every jurisdiction, or for every collateral type. The availability of rates, crypto types, loan amounts, and other terms are subject to change. Loan applicants are subject to AML and KYC screening. Terms, conditions, and restrictions apply. Loans made or arranged pursuant to California Finance Lenders Law License 60DBO - 91480.
Contacts
Nicole Wood
Director of Communications
Nicole@mycred.io