NBA player tokenizes his 3-year $34.5M contract allowing him to receive some of it up front by selling the blockchain based tokens

posted 3 months ago
Brooklyn Nets guard Spencer Dinwiddie is tokenizing his $34.5M NBA contract on a blockchain. Dinwiddie will begin issuing shares tied to his contract on Jan. 13th, 2020, and is looking to raise $13.5 million for the first year. Essentially, he’d raise his contract’s value as an upfront lump sum, with token holders receiving payouts throughout the season. Accredited investors will be able to purchase tokens for a minimum $150,000 buy-in, giving him his contract’s value up front.

Paxos Trust Company will provide escrow services and facilitate payouts to token holders using its dollar-pegged PAX stablecoin. Securitize CEO Carlos Domingo said on Twitter Friday that his firm would act as the transfer agent and technology partner for the project. Dinwiddie tweeted Friday that “the Spencer Dinwiddie bond launches January 13th.”
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