Crypto News

NBA Star to Convert His $34M Contract into a Digital Investment

NBA Spencer Dinwiddie

An NBA basketball player for the Brooklyn Nets, Spencer Dinwiddie, is converting his multi-million dollars contract into a digital token investment vehicle, according to The Athletic’s sources.

Dinwiddie To Securitize NBA Contract

The disruptive effects of cryptocurrencies and blockchain technology are permeating all industries and sectors, including the world of sports.

Most recently, Shams Charania of The Athletic reported that Spence Dinwiddie is seeking to boost his capital and ensure his future income by converting his contract into a digital financial instrument. Charania writes,

Dinwiddie, according to multiple sources, is starting his own company to securitize his NBA contract in the form of a digital token as he begins a three-year, $34.36 million extension with the Nets. It’s unclear how much of the contract amount he wants to raise upfront, but it would likely be less than the total amount, according to sources.

Thus, the Brooklyn Nets point guard Dinwiddie would be the first sports idol to convert his NBA contract into a digital investment vehicle.

Moreover, Charania explains that “A token is a digital currency term. The bond exists in the digital currency world. Instead of buying the bond from a broker, it is through a token.”

Dinwiddie knows what he is doing. In 2018, Dinwiddie took a Harvard business class.

Digital Technology Could Highly Improve the World of Sports

Bitcoin and its blockchain technology are not only dramatically changing the FinTech industry, but they are also disrupting other industries sectors, including sports.

For example, a soccer team bought a player using a digital asset. In effect, in 2018, one of the first transactions using cryptocurrencies in soccer, occurred when the Turkish team Harunustaspor bought a 22-year old footballer named Omer Faruk Kıroglu. Harunustaspor completed this transaction using Bitcoin.

On the other hand, cryptocurrency-based betting platforms are becoming popular in sports. As Bitcoinist reported earlier, Decibet is a platform that enables people to bet on several soccer leagues from all over the world. Decibet platform accepts major cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, Zcash, Ethereum Classic, and Monero.

Indeed, as the role of crypto assets and blockchain technologies become increasingly significant in sports, Playground Biz forecasts,

In the future, the world of sports could be highly improved by the use of such technologies in the tracking of athletes’ performance metrics, anti-doping measures and even as a boost for the engagement of fans.

What do you think of Spencer Dinwiddie converting his contract into a digital investment vehicle? Let us know what you think in the comments below.


Images via Shutterstock, Twitter @TheAthleticNBA


The post NBA Star to Convert His $34M Contract into a Digital Investment appeared first on

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

Correlation Between Bitcoin Price and Stocks Reaches a New All-Time High
Bitcoin’s correlation to the S&P 500 has reached a new all-time-high, what does this mean for BTC price? Lately,...
Unless Bitcoin Breaks Through These 2 Levels, a Crash to $7,000 Is “Logical”
After attempting to rally through $9,500 this week, Bitcoin failed to sustain its bullish momentum yet again. As of...
Researcher Says Ethereum 2.0 May Be Delayed — Increasing Risk to ETH Bulls
One of the biggest Ethereum narratives over the past few months is ETH 2.0. For those that are unaware,...
84% of Crypto Twitter Is Buying or Holding Bitcoin, Boosting Bull Case
There have been many analysts over recent weeks arguing that Bitcoin is clearly at a market top. As NewsBTC...
Why One Outspoken Bitcoin Bull Recommends Holding More Gold Than BTC
Bitcoin and gold have formed a striking correlation throughout 2020, although this has shown some signs of degrading over...
TikTok Dogecoin Pump Purveyors Experience Their First Crypto Dump
This week, the altcoin named after an internet meme, Dogecoin, went viral on social platform TikTok. Users of the...

Featured Crypto News

Crypto Research Firm Identifies 3 “Big” Bitcoin Bull Run Catalysts
When analyzing Bitcoin, many investors cast aside fundamentals and only focus on the price action. Hence, as the cryptocurrency...
Switching Bitcoin to 100% ASIC Mining Could Increase Security 2000X
ASIC miners are the best option for Bitcoin network security well into the future, new research has found. The...
‘Significant’ Ethereum Rally Signals New Altcoin Season — Peter Brandt
Ethereum price saw a bullish breakout against Bitcoin on July 9 and veteran trader Peter Brandt believes this could...
Max Keiser: Bitcoin Will “Eviscerate” Competitors, Rally to $100,000 Per Coin
Altcoins have been all the rage over recent weeks, rallying dozens of percent as Bitcoin has stalled in the...
New York Court Rejects Bitfinex Appeal Over $850M in Lost Funds
New York’s Supreme Court has rejected Bitfinex and Tether’s appeal in the ongoing dispute between the firms and the...
Bloomberg Analyst: Key Metrics Show Bitcoin Should Rocket Towards $12,000
It’s been a slow past few weeks for the Bitcoin market. The cryptocurrency has effectively been range-bound for two...