Headlines

Russell Okung Becomes First NFL Player To Earn In Bitcoin

National Football League player, Russell Okung has become the first NFL player to be paid in Bitcoin (BTC) — world most-value cryptocurrency.

Brandnewsday reports that Okung’s statement ”Pay me in bitcoin” has come true for 20 months after he first tweeted that made the demand in May 201.

The National Football League player will be the first player from any major U.S. sports league to be paid his wages in Bitcoin —world largest crypto also known as an altcoin.

Advertisement

The arrangement comes by way of Zap, the bitcoin (BTC, +2.81%) startup founded by Jack Mallers. Zap’s Strike product enables traditional paychecks to be converted into BTC.

According to CoinDesk, Okung’s payment just happens to be quite large. His $13 million yearly salaries are being split 50-50 between bitcoin and fiat, Mallers said Monday in a phone interview.

Panthers’ Russell Okung Becomes First NFL Player To Earn In Bitcoin

Mallers said other pro athletes, including unnamed members of the Brooklyn Nets basketball team and baseball’s New York Yankees, have also begun onboarding to the program.

Advertisement

Speaking further, Mallers disclosed that the NFL and NFL Players Association had to be involved to get approval. It is unclear if such approvals are also required for the National Basketball Association and Major League Baseball.

How Strike works

Technically speaking, Okung is still being paid in fiat. Behind the scenes, however, is Lightning Network magic: Strike receives a direct deposit from his team, the Carolina Panthers, and then swaps dollars for bitcoin. That bitcoin is then sent to a cold storage wallet held by Okung, Mallers said. (To recap, Lightning is a secondary system for sending bitcoin in a cheaper and quicker fashion compared to using the Bitcoin network itself.)

Strike, which launched in private beta about a year ago, can connect to any bank account via a routing number, according to Mallers. Square’s Cash App worked in a similar manner by partnering with Lincoln Savings Bank and Sutton Bank before Square received a banking license in March.

Advertisement

The Okung announcement also serves to tease another bit of news from Zap. Strike can now be used as a checking account through partnerships with two yet-to-be-named banks, according to Mallers.

Mallers said Strike is now processing into the “seven figures” of monthly volume and expects that number to grow as more big names join Strike’s newest payment method. A strike does not currently receive any cut for processing payments, Mallers said, but it might as the product gains adoption.

“It’s a big, big deal that we found a way to allow any individual to receive an [percentage] of their labour in bitcoin,” Mallers said.

Advertisement

As Okung expressed in a recent CoinDesk op-ed, the lineman’s journey to bitcoin began long before that May 2019 tweet.

The 32-year-old Okung said he has long been frustrated with the lack of economic power professional athletes – particularly Black athletes – currently hold. Okung views bitcoin as a means of regaining financial independence and has launched an advocacy project in that vein.

Facebook Comments
Advertisement
Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

2 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.