By Lewis – Bitcoin Enthusiast - 04-11-2021
Brooklyn Nets Basketball star, Kevin Durant has been busy working in the crypto industry to open up a new blockchain firm, SPAC. The two-time NBA champion has built SPAC, also known as the Special Purpose Acquisition Company, along with his associate Rich Kleiman. The founders Kleiman and Durant had initially created SPAC to specifically collaborate with businesses that are driven by innovative technology. One type of business that Durant looks to partner with are within the crypto industry.
Durant is known for previously supporting cryptocurrency exchange platforms such as Coinbase and wishes to further step into the field of crypto. Reportedly, the NBA player’s firm is already looking into investing in cryptocurrency and other similar assets and ventures. SPAC firms are typically known as “blank check” companies as they are usually created with the intention to merge or partner with other private businesses. By merging with other private businesses before going public, it helps the companies avoid meeting the requirements for an IPO.
According to the company’s SEC filings, the SPAC firm has plans to start a funding round to raise $200 million for its public offering. Furthermore, the information in the SEC filing detailed cryptocurrency trading platforms Coinbase and Kraken with the interest to invest in BlockFi, Ledger, and Axie Infinity. The filings stated that the SPAC firm has been looking into other types of businesses besides blockchain and cryptocurrency, this includes sports, e-commerce, health and wellness, and more.