NBA Baller Spencer Dinwiddie Plan to Launch Digital Investment Vehicle on Ethereum Almost Comes to Fruition
Over the years many mainstream players have entered the digital assets space to give it a modicum of price boost. The current market atmosphere has remained increasingly bullish and that may be the reason why more players were willing to dabble in cryptocurrencies.
During a recent discussion on the National Public Radio [NPR], the correspondents discussed Spencer Dinwiddie’s pipeline plan to create a digital investment channel for a select few of the public.
Dinwiddie plays professional basketball for the Brooklyn Nets and has become one of the first athletes in sports history to use his own pro-contract to create a cryptocurrency investment. Dinwiddie first shot to fame when he was almost ejected from the NBA for meddling with his contract.
The baller has set out on his new venture to change the way professional athletes and the connected fans make money. He aims to turn his 3-year contract worth a whopping $34 million into an investment platform where users will have access to 90 tokens or shares. Not everyone can get on board the Spencer Dinwiddie stock train as the minimum buy-in was $150,000. The stocks or options will be available on the Ethereum blockchain, touted to be the ‘supercomputer blockchain‘.
The Brooklyn Nets player further added that if he gets added into the much-hyped All-Start Game” then he would bring on eight more investors into the roster. Not everything is fully set in stone though, as the NBA is currently reviewing Dinwiddie’s plan. In a public statement, the NBA stated:
“Spencer Dinwiddie’s advisers provided us with new information regarding a modified version of their digital token idea, which we are reviewing to determine whether the updated idea is permissible under league rules.”
During an earlier review, Dan Rube, the NBA Deputy General had stated that the proposed token would violate “collectively bargained league rules”. If accepted, Dinwiddie’s plan may result in an avalanche effect where multiple players may start their own digital asset platforms.
According to reports, the basketball player has always been into cryptocurrencies, especially Bitcoin. Some people in the cryptocurrency space have speculated that the NBA may have turned over a new leaf because of the advent of the recent Bitcoin bull run. The NBA, in turn, responded that it was not the earlier proposal they were considering but rather the modified one put forth by Dinwiddie and his legal team.