Cred partners with NBA star Dindwiddie on blockchain-based platform
Brooklyn Nets star Spencer Dinwiddie announced a partnership with Cred, a San Francisco-based fintech that offers blockchain-based lending. The partnership will allow NBA fans to use an alternative to traditional banking and earn interest on stablecoins and other digital assets.
Stablecoins are crypto assets that are pegged to the U.S. dollar, and crypto-assets can be used as collateral to borrow against their value, according to the company. The NBA star will use part of the revenue generated from the partnership into the Dinwiddie Family Foundation, which provides scholarships to disadvantaged youth.
"It's important for me to bring value to my fans both on and off the court," Dinwiddie said in a release from Cred. "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."
The partnership allows users to earn up to 10% interest on several types of crypto assets, including Bitcoin, Litecoin, Ethereum and other assets. Asset holders can commit to a six-month term and get monthly interest, with the option to roll over pledged assets.
"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," Dan Schatt, co-founder and CEO of Cred, said in the release.