Rising NBA start Cade Cunningham signed a multi-year partnership deal with crypto management firm BlockFi, the company announced Thursday. It was revealed that the player would receive the signing bonus in Bitcoin.
A promising Pistons point guard, Cunningham was hailed as the No. 1 pick in the National Basketball Association’s 2021 draft. In a press release issued by the company, the player said:
“I’m excited to partner with BlockFi to really diversify my portfolio and manage my crypto assets; especially as they become more important in personal finance. For me, it’s not just about setting up myself for financial success long-term but also to educate future generations on financial wellness.”
The amount of the signing bonus was not disclosed by either party. BlockFi revealed its plans to collaborate with Cunningham on educational videos, promotional gifts, exclusive interviews, and other means that raise awareness on cryptocurrencies. Adding to the statement, Cunningham said:
“In communities across the U.S. and around the world, many hardworking people still don’t have access to cost-efficient, reliable options to save and invest. What interested me in cryptocurrencies, and BlockFi in particular, was their ease of use, democratic and consensus underpinnings, and ability to evolve over time to meet the changing needs of financial consumers, myself included.”
The deal is one of the many signed by athletes within the crypto assets industry. An increasing number of NBA teams are partnering with blockchain company Socios.com to launch their fan tokens. Some of the teams include Chicago Bulls, LA Clippers, Minnesota Timberwolves, Cleveland Cavaliers, and others.