National Basketball Association star Tracy Mcgrady has joined the board of a cryptocurrency broker as an advisor.
According to an Oct. 19 announcement, Mcgrady will help educate investors about the interest available on the 17 crypto assets available through the Voyager Digital crypto broker. The basketball player and his business partner, Grant Haas, have joined up with the firm to give away $2 million—$5 per account—to onboard new users. Mcgrady said that he has long been interested in financial education:
“Following my NBA career, I’ve been dedicated to educating others on how to better manage their assets and ensure financial security, especially young athletes as they begin lucrative careers.”
Mcgrady launched a financial advisory program after becoming a seven-time NBA All-Star and two-time scoring champion, over a 17-year Hall of Fame career. Voyager Digital’s CEO and co-founder Steve Ehrlich recognized Mcgrady’s deep interest in financial education. He also said that he hopes having the athlete on board will increase his firm’s credibility:
“Tracy’s leadership on the court has transitioned to his financial advisory program with Grant Haas to help young athletes manage their new-found wealth. Having Tracy and Grant on our team as trusted advocates brings even more credibility to our platform.”
Mcgrady also said that he and Haas also invested through Voyager Digital and the experience is what brought him to partner with the company.
Better interest than banks
Mcgrady explained that when Haas introduced him to Voyager Digital—and cryptocurrencies in general—he concluded that the firm “is bringing financial services to the masses.” He emphasized that the annual yield percentage of 8.5% on USD Coin stablecoin deposits “allows all customers to earn on their money much faster than they would with a traditional bank account.”
Just last week stablecoin USDC’s Centre Consortium announced a major development when USDC was ported also to the Stellar (XLM) blockchain.