NBA star and outspoken crypto supporter Spencer Dinwiddie is teaming up with crypto lending and borrowing platform Cred. The partnership aims to promote a blockchain-based alternative that allows users to earn interest on stablecoins and other cryptocurrencies. Meanwhile, those seeking liquidity can use their crypto assets as collateral to secure a loan.
Cred has created a crypto lending services page dedicated to Dinwiddie’s fans. According to the page, users who pledge Bitcoin, Ethereum, Litecoin and other crypto assets can earn as much as 10% in annual interest.
The platform requires a six-month lock-in period with the option to extend. Interest is paid in either crypto or fiat currency on a monthly basis.
In a press release, the New Jersey Nets point guard says that he wants to use his social influence to drive crypto adoption while helping fans generate income.
“I believe blockchain can radically reshape the nature of financial services for the better…
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.”
A portion of the revenue will go to the Dinwiddie Family Foundation which helps disadvantaged and at-risk youth by providing college scholarships.