Brooklyn Nets player Spencer Dinwiddie said this week that his tokenized investment vehicle will launch on Jan. 13
After nearly three months of delay, despite the threat of the NBA to ban him from the professional basketball league, Spencer Dinwiddie, Brooklyn Nets point guard plans to launch his token-based investment vehicle on Monday, combined with bidding to be selected into the first career All-Star Game.
— Spencer Dinwiddie (@SDinwiddie_25) January 10, 2020
The Spencer Dinwiddie bond was launched on January 13. The bond will be issued with the help of security token platform Securitize, whose CEO Carlos Domingo announced cooperation on Twitter.
At @securitize we are extremely excited and proud to be the digital transfer agent and technology partner for @SDinwiddie_25 and @DreamFanShares world’s first Professional Athlete Investment Security Token. Innovation takes courage, kudos. https://t.co/F7STPJfWaw
— Carlos Domingo (@carlosdomingo) January 10, 2020
In October that the 26-year-old scheduled to introduce DREAM Fan Shares, a blockchain-based investment platform, where he will sell 90 SD8 coins to allow Dinwiddie to collect up to $ 13.5 million in his three-year guaranteed, $ 34 million upfront contract, as a business loan of sorts. The token owner will then receive monthly payments for the next three years with a base interest of 4.95%.
But Dinwiddie encountered some disagreements with the NBA over this first initiative, which he outlined over the phone on Sunday when Brooklyn came to Orlando to play the game the following night against the Magic.
The NBA was not thrilled with Dinwiddie’s proposal, claiming that the tokenized platform would constitute a violation of the NBA players’ collective bargaining agreement. The third year of his contract is optional. That means investors will earn more dividends in 2021 if Dinwiddie decides to pursue a higher-paying contract elsewhere.
In the past few months, Dinwiddie said, he and his representatives, including a legal team and a Player Association official, have met the league four times and talked three times over the phone about the plan. The NBA even hired reputable law firm Debevoise & Plimpton to sit in on talks. Dinwiddie said that it was never his goal to get the enemy out of the league, nor did he expect complete endorsement of his plans.
According to The Athletic, the tournament is still under review of Dinwiddie’s revised proposal, which means that the platform is not guaranteed to go live on January 13.
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