Brooklyn Nets guard Spencer Dinwiddie is set to launch his digital investment vehicle, after months of impasse.
Spencer Dinwiddie is in the midst of a career-year—one that has also gained serious consideration for an NBA All-Star appearance—for the Brooklyn Nets. However, it’s not just on the court where he’s making headlines.
Per Shams Charania of The Athletic, Dinwiddie is set to launch his digital investment vehicle on Jan. 13.
Originally, the NBA denied Dinwiddie’s request to transform his contract into a digital investment vehicle. The reasoning behind this was that it violated the NBA’s Collective Bargaining Agreement.
However, as Charania notes, Dinwiddie has removed affiliation with the NBA on the digital token, in attempts to modify it into a “safe and secured investment bond.” Likewise, the payout structure has been altered in regards to his three-year, $34 contract, which has a player option on his final year in 2021-21. It’s also noteworthy that Dinwiddie is prepared for “potential disciplinary action” from the league.
“Spencer Dinwiddie’s advisors provided us with new information regarding a modified version of their digital token idea, which we are reviewing to determine whether the updated idea is permissible under league rules,” NBA chief communications officer Mike Bass told Shams Charania of The Athletic in a statement.
The sentiment behind Dinwiddie’s ideology is to get fans more engaged with the game as well as improve players’ economic options. He hopes to raise funds through the bonds for immediate investments. In return, he would pay investors a large sum when he goes for a more lucrative contract down the line.
Fortunately for Nets faithful, ongoing negotiations between the two parties have not resulted in distractions for Dinwiddie on the hardwood. The 26-year-old is averaging 22.4 points, 3,1 rebounds and 6.2 assists for the season.