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NBA reject crypto payments to Dinwiddie causing uproar

NBA reject crypto payments to Dinwiddie causing uproar

National Basketball Association (NBA) has rejected the idea of crypto payments to Dinwiddie. Recently Spencer Dinwiddie announced that we would change his contract shares in tokenized form, however; the NBA has not allowed the Brooklyn Nets guard to carry out his plans of tokenizing his shares.

Dinwiddie, crypto enthusiast and fan of Bitcoin had plans of selling his NBA contract shares of three years’ worth a little over thirty-four million dollars ($34.36) on his latest Ethereum powered platform “DREAM FAN SHARES”. The platform was to be launched in mid of October. Dinwiddie took on to Twitter to address his displeasure over the issue.

Crypto payments to Dinwiddie: Rejection causes uproar

The platform was to turn Dinwiddie’s NBA contract into an opportunity of public digital investment. Dinwiddie’s ambition included tokenized securities for developing a financial vehicle that would provide athletes, influencers and artists control over their financial future by giving them earlier access to capital indicated in their contracts.

Moreover, Dinwiddie highlighted the part and stated that fans will be invested in watching their favorite players.

However, according to a recent report, the NBA believes that any such move will be breaching the terms of the agreement. The agreement states that players cannot assign or transfer his right of receiving compensation to any third party while being part of an NBA team.

After this news story broke out, Dinwiddie took to Twitter for voicing dismay over this turn of events.

Andrew Yang, Democratic Presidential candidate also expressed his dissatisfaction with his tweet.

Binance’s chief executive officer (CEO) Changpeng “CZ” agreed with Yang’s tweet.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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