Bitcoin Account Access Regained by Kevin Durant on Coinbase
In late 2016, during a birthday celebration hosted by Ben Horowitz, NBA star Kevin Durant made his first foray into the world of cryptocurrency by purchasing Bitcoin. The digital asset was trading at approximately $600 at the time.
Fast forward five years, and Bitcoin has experienced a remarkable surge, increasing more than 950% in value. This growth has seen Durant join a growing number of high-profile professional athletes who have become Bitcoin investors.
Durant's investment journey in the cryptocurrency world didn't stop at just owning Bitcoin. In 2017, he and his agent, Rich Kleiman, became investors in Coinbase, the popular cryptocurrency exchange platform. Their investment was made through their investment firm, 35V, which was a participant in Coinbase's Series D funding round.
The partnership between Durant and Coinbase has proven to be a valuable resource in growing Durant's business. In fact, Durant has had a deal with Coinbase to promote the brand since 2021. However, a minor hiccup occurred when Durant encountered trouble logging into his Coinbase account during a conference on Tuesday. The issue was later resolved, and Durant regained access to his account, which was due to a user error.
In 2019, Charlotte Hornets' Spencer Dinwiddie attempted to tokenize his salary, but the NBA later nixed the idea. Despite this, the interest in blockchain and cryptocurrency among professional athletes continues to grow. Cleveland Cavaliers center Tristan Thompson has unveiled a new Web3 project built on the Somnia Layer-1 platform, aiming to enhance basketball fans' interactive experiences with the league.
As of recently, Bitcoin is trading at about $117,100, according to CoinGecko, marking a significant increase from Durant's initial investment. Rich Kleiman, Durant's agent, made light of Durant's inability to log into his Coinbase account during a conference, joking about the irony of a Bitcoin investor struggling with technology.
Decrypt has reached out to Boardroom, a sports, media, and entertainment company, and sibling to 35V, for further comment on Durant's cryptocurrency investments and partnerships. The story will be updated as more information becomes available.
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