Cricketer Steve Smith is the latest celebrity to get into crypto trading
Concerns about the cryptocurrency, including upcoming Australian regulations, have not stopped cricketer Steve Smith from entering the industry, taking a minority stake in Perth crypto app Bamboo and also becoming its brand ambassador.
Smith’s move comes as US sports stars including NFL legend Tom Brady, NBA star Stephen Curry and tennis champ Naomi Osaka face class action lawsuit due to their celebrity endorsement of the collapsed crypto exchange FTX. FTX’s Australian arm went into receivership in November last year during the company’s global implosion. Founder and former paper billionaire Sam Bankman-Fried was arrested and is currently facing charges in the US. The collapse impacted local crypto exchanges exposed to FTX.
Bamboo was founded in 2017 in Perth. 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 averages to help users invest in a smart way to mitigate the risks associated with market volatility.
The fintech’s deal will make Smith a shareholder – the size of the investment has not been disclosed and will feature in a video ad campaign currently on the market.
Blake Cassidy, CEO of Bamboo, said the campaign has already seen a fivefold increase in app signups.
“We are delighted to welcome Steve Smith to the Bamboo team as our new brand ambassador,” he said.
“Steve is an Aussie icon and test cricket legend. His simple, steady and focused approach to cricket fits perfectly with Bamboo’s commitment to helping everyday Australians start investing in Bitcoin, Ethereum, Gold and Silver.”
The batsman and former Australian cricket captain has already had huge success investing in startups, having poured $100,000 into Byron furniture company Koala Mattresses in 2016 for a 10% stake, later worth $12 million.
Smith said he has been investing in crypto assets for a while now.
“I’m thrilled to be part of the Bamboo team and help spread the word about the dollar cost averaging strategy for mainstream 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 that strategy on autopilot, helping more Australians build a balanced portfolio with cryptocurrency exposure.
Earlier this year, Smith won a fourth Allan Border Medal, awarded to the best Australian male cricketer of the past 12 months.
