The new service was rolled out Friday on Dinwiddie’s website.
Users can earn interest on cryptocurrencies, stablecoins
Commenting on the deal, the basketball player said:
“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.”
The platform requires locking assets for at least six months, even if interest rates paid either in fiat or in cryptocurrencies monthly.
Half of the project’s proceeds will be donated to the Dinwiddie Family Foundation, which offers educational scholarships to poor and at-risk young people.
“In an environment like this I think everyone is looking for that extra assurance. It just highlights the value of stablecoins,” said Cred CEO Dan Schatt.
Dinwiddie is the NBA’s most famous crypto enthusiast, as he sought to tokenize his $35 million, three-year deal.
“Spencer is a fantastic spokesperson for what’s happening with blockchain and bitcoin – he’s really a thought leader in the sports industry,” said Schatt.
He added that Dinwiddie will donate 26 percent of revenues to his charity; the Dinwiddie Family Foundation.
Cred’s website says it offers up to 10 percent interest” through its ‘Earn’ offering.
In early February, the Litecoin Foundation has announced collaborating with Cred, a licensed lender based in California, to allow LTC holders to earn interest.
This strategic partnership allows LTC holders to earn 10 percent interest on their digital assets.
The deal will help LTC holders receive interest through any of Cred’s partners such as Bitcoin.com, Uphold, and BitBuy.