Cryptocurrency platform BlockFi said Thursday it has signed a multi-year collaboration with Cade Cunningham, chosen in the 2021 draft by Detroit Pistons with the No. 1 pick. Cunningham’s signing bonus will be paid directly in Bitcoin with the help of BlockFi.
Within the framework of the deal, Cunningham will work with BlockFi to promote instructional films, exclusive interviews and other initiatives “to increase awareness of the value of cryptocurrencies.” The agreement’s financial specifics were not revealed.
Cunningham, 19, noted how many hardworking athletes may not thinking about spending and saving, along with becoming investment-savvy.
Athletes Getting Involved in Bitcoin
Cunningham is not the first athlete to take Bitcoin payments. Sean Culkin, of the Kansas City Chiefs, will be taking all of his 2021 base pay — $920,000 – in bitcoin. The tight five-year end is the first player in the National Football League to paid fully in bitcoin. In addition, Russell Okung, a well-known supporter of his “pay me for bitcoin” statement, is still taking half of his $13 million in fiat income.
Culkin will begin to receive Bitcoin via Zap’s Strike, which Okung utilizes the same fiat-to-bitcoin wage conversion service. Culkin’s contract is still priced in dollars.
Who is Cade Cunningham?
Cunningham, a talented 6-foot-8-point guard, was a potential star in last year’s Oklahoma State. After averaging 20.1 points, 6.2 rebounds, 3.5 assists and 1,6 steals a game for the Cowboys, he was appointed the Big 12 Player of the Year and the Freshman of the Year. In late July, Cunningham signed a multi-year agreement with Nike on footwear and clothing.
After the draft, Cunningham added another endorsement agreement to his portfolio and joined Uptime as a brand ambassador to the energy supplement business.
Cunningham told CNBC last month that he wants to imitate LeBron James’s successful basketball and business career, saying that James is a role model for younger players.
On 8 August the Pistons announced that Cunningham had entered into his rookie deal and Cunningham’s contract valued about $45.5 million over four years, thanks to the jointly negotiated NBA rookie scale lockout for the value of first-round selection contracts. During the 2021-22 season, he will earn $10.1 million.