NBA pro basketball player Spencer Dinwiddie, who plays for the Brooklyn Nets, recently noted that his DLT-enabled token investment vehicle will be officially introduced on January 13, 2020. This, despite the NBA warning that it may ban it from the United States and Canada. -based professional basketball league.
Dinwiddie tweeted January 10:
âThe Spencer Dinwiddie Bond will launch on January 13. I will also be taking 8 fans to ASW with me. #NBAVote.â
– Spencer Dinwiddie (@ SDinwiddie_25) January 10, 2020
The token bond would be issued with the help of the security token platform Securitization, whose CEO Carlos Domingo confirmed the partnership via Twitter.
In statements shared with The Block, Domingo revealed:
âFirst bond managed by a digital transfer agent operating on the Ethereum Blockchain. Hope many more to come.
The idea of ââissuing this type of bond was first introduced in October 2019 when Dinwiddie revealed its intention to launch an Ethereum blockchain-based investment platform, DREAM Fan Shares, in order to sell 90 crypto tokens, called SD8 coins. The program would allow the professional athlete to instantly earn $ 13.5 million on his three-year, $ 34 million NBA contract. Token investors would get monthly payments for the next three years along with a fixed base interest rate of 4.95%.
However, the NBA did not approve Dinwiddie’s proposal, arguing that the blockchain-based tokenization platform would violate the NBA players’ collective bargaining agreement. Dinwiddie’s third year of contract is optional, which means investors could earn more from dividends in 2021 if the NBA player chooses to engage in a higher paying contract with another NBA team.
Dinwiddie previously told Forbes:
âPretty much what they said was the player’s option was the game. And that would have been grounds for dismissal.
Over the past three months, Dinwiddie has reportedly been in talks with legal representatives of the NBA, and the Brooklyn Nets player has decided to withdraw the clause on the promise of a chance for higher dividends during the third year.
Athletic reported that NBA officials are currently reviewing the player’s updated proposal, which means the tokenized platform may not launch on January 13, 2020.
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