Concerns about the cryptocurrency, including pending Australian regulation, have not deterred cricketer Steve Smith from wading into the sector, 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 champion Naomi Osaka face a class action lawsuit over their celebrity endorsements of collapsed crypto exchange FTX. The Australian arm of FTX was placed into administration last November amid 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 had an impact on local crypto exchanges exposed to FTX.
Bamboo was founded in 2017 in Perth. It is a micro-investing app that allows users to invest in Bitcoin and Ethereum for just $50. The app uses dollar cost averaging to help users invest in a smart to reduce the risk associated with market volatility.
The fintech deal sees Smith become a shareholder – the size of the investment was not disclosed and is part of a video ad campaign currently on the market.
Bambus CEO Blake Cassidy said the campaign has already seen a fivefold increase in app registrations.
“We are delighted 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 fits perfectly with Bamboo’s commitment to helping ordinary Australians get started investing in Bitcoin, Ethereum, Gold and Silver.
The batsman and former Australian cricket captain has already seen huge success investing in startups, having tipped $100,000 into Byron furniture venture Koala Mattresses in 2016 for a 10% stake, which went on to be worth $12 million.
Smith said he has been investing in crypto assets for some time.
“I’m excited to be part of the Bamboo team and help spread the word about the dollar cost averaging strategy for everyday investors,” he said.
“There are clear parallels between my approach to building a round and the dollar cost averaging investment strategy. Bamboo makes it easy to put this strategy on autopilot, enabling more Australians to start building a balanced portfolio with cryptocurrency exposure.”
Earlier this year, Smith won a fourth Allan Border Medal, which is awarded to the best Australian male cricketer in the past 12 months.
