Cricketer Steve Smith is the latest celebrity to get into the crypto touting business
Concerns about cryptocurrency, including upcoming Australian regulation, haven’t stopped cricketer Steve Smith from entering the sector, taking a minority stake in Perth crypto app Bamboo and also becoming their brand ambassador.
Smith’s move comes as US sports stars, including NFL legend Tom Brady, NBA star Stephen Curry and tennis champion Naomi Osaka, face a class-action lawsuit over their celebrity endorsement of collapsed crypto exchange FTX. FTX’s Australian arm was placed under administration in November last year amid the company’s global implosion. Founder and former paper billionaire Sam Bankman-Fried has been arrested and is currently facing charges in the United States. The collapse impacted local crypto exchanges, which were exposed to FTX.
Bamboo was founded in Perth in 2017. It is a micro investment app that allows users to invest in Bitcoin and Ethereum for as little as $50. The app uses dollar cost averaging to help users invest in a smart to reduce the risks associated with market volatility.
The fintech’s deal sees Smith becoming a shareholder – the amount of the investment has not been disclosed and has been featured in a video ad campaign currently on the market.
Bamboo CEO Blake Cassidy said the campaign has already resulted in a fivefold increase in app sign-ups.
“We are very excited to welcome Steve Smith to the Bamboo team as our new brand ambassador,” he said.
“Steve is an Australian icon and Test cricket legend. His simple, steady and focused approach to cricket aligns perfectly with Bamboo’s commitment to helping Australians start investing in Bitcoin, Ethereum, Gold and Silver on a day-to-day basis.”
The batsman and former Australian cricket captain has already had tremendous success investing in startups, having invested $100,000 in Byron furniture company Koala Mattresses in 2016 for a 10 per cent stake later valued at $12 million. had dollars.
Smith said he has been investing in crypto assets for a while.
“I’m excited to be part of the Bamboo team and help popularize the Dollar Cost Average strategy for everyday investors,” he said.
“There are clear parallels between my approach to building an innings and the dollar cost averaging investment strategy. Bamboo makes it easy to put this strategy on autopilot, allowing more Australians to start building a balanced portfolio with cryptocurrency exposure.
Earlier this year, Smith won a fourth Allan Border medal, awarded to the best Australian male cricketer over the past 12 months.