Spencer Dinwiddie is planning to launch his token-based investment vehicle on Monday along with a campaign to be selected to accompany him to his first-ever NBA All-Star game.
The journey to getting to this point was not easy for Spencer, nearly three months of delay which included a threat to terminate his newly inked three-year $34 million contract. But now, everything is set to play itself out.
Dinwiddie’s plan is to launch DREAM Fan Shares, a blockchain-based investment platform, where he will sell 90 SD8 coins that will enable him to collect up to $13.5 million of his guaranteed three-year, $34 million contract up front, as a business loan of sorts.
According to Sams Charania, Dinwiddie’s plan is to start his own company to securitize his deal as a digital token. Dinwiddie would pay investors back principle and interest.
“I think the prolonged conversation obviously worked out,” Dinwiddie said, since the NBA backed down from terminating his contract, “because they recognized I’m not doing anything wrong or anything illegal. They know it’s coming. They didn’t have too much rebuttal for it. There’s nothing in there that’s considered gambling.”
As part of his push to get all of his coins bought, he is pushing this with his bid for the all-star game.
Dinwiddie is currently have a career season with the Nets two superstars, Kyrie Irving and Kevin Durant sidelined with injuries that very well could keep them out for the entirety of the regular season.
The NBA doesn’t appear too anxious to dive head first into this path Dinwiddie is trying to blaze, but perhaps if it works well for everyone he will receive backing from the league in the future.