Basketball star LeBron James is now part of crypto exchange Crypto.com.
The Los Angeles Lakers star has joined forces with Crypto.com in an effort to help the youth learn about blockchain technology and what is widely known as Web3.
According to CBS News, James and nonprofit LeBron James Family Foundation (LJF) will work with Crypto.com to offer educational and workforce development opportunities around the emerging technologies, including in inner-city neighborhoods.
James believes that blockchain technology is revolutionizing the "economy, sports, entertainment, art world, and the way people engage with one another."
Teaching blockchain technology to inner-city schools is a part of James' initiatives.
He announced that he wants to ensure that communities like the one he came from are not being left behind.
Further, James also believe that knowing about blockchain and Web3 will aid in closing the so-called digital divide that exists between individuals in higher-income areas and those in lower-income areas.
No announcements have been made yet whether James would appear in a commercial through this new partnership.
Many sports stars, such as Steph Curry and Tom Brady, have also entered into partnerships with crypto firms.
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What is a Blockchain?
Blockchain is defined by Investopedia as a decentralized database that is shared among computer network nodes--it acts as a database, storing information in a digital format.
Blockchains are well known for their vital role in maintaining a secure and decentralized record of transactions in cryptocurrency systems like Bitcoin.
Meanwhile, Web3 is a trendy phrase for a variety of blockchain-based internet services and mobile apps, including cryptos and non-fungible currencies.
It is often brought around when talking about the even more buzzed-about metaverse, a network of virtual and augmented reality domains that individuals like Mark Zuckerberg, founder of Meta (previously Facebook), see as the future of the mobile web.
Crypto.com, a Singapore and Hong Kong-based company that was launched in 2016, has moved quickly to stake a claim in the brave new world of decentralized finance or "DeFi."
The company lets users trade cryptocurrencies and New Technology File systems (NTFs), which are unique digital certificates that confer ownership over art, video, and other digital collectibles.
Moreover, Fortune reported that it has secured a $700 million contract in November to have its name emblazoned on the former Staples Center, which is now home to the NBA's Los Angeles Lakers (James' team) and Clippers.
Crypto.com earns a share of crowd transactions at the venue as part of the arena naming rights contract, and even more if the transactions are conducted using its app.
However, it is also no secret that platforms like Crypto.com regularly get knocked off by cybercriminals.
Just recently, some cybercriminals breached the company's security systems and made off with more than $30 million in stolen Bitcoin and Ethereum, according to CBS News.
There are also growing concerns about a potential crypto winter, which refers to a sharp drop in the price of cryptocurrencies because in November, the price of Bitcoin and Ethereum plunged by nearly 40%.
Bitcoin and Ethereum are the two most popular cryptocurrencies.
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