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Odell Beckham Jr to Convert Rams Salary into bitcoin in Cash App Partnership

TheStreet logo TheStreet 11/22/2021 Tony Owusu
Odell Beckham Jr to Convert Rams Salary into bitcoin in Cash App Partnership © TheStreet Odell Beckham Jr to Convert Rams Salary into bitcoin in Cash App Partnership

Odell Beckham Jr.'s recent move to Los Angeles from Cleveland is already boosting his profile.

The NFL wide receiver said Monday that he has inked a partnership with Cash App to convert his entire new contract into bitcoin.

Beckham, who was released by the Cleveland Browns earlier this month and then signed by the Los Angeles Rams, took to social media to make the announcement.

https://twitter.com/obj/status/1462836953888534528

A request for comment left under Beckham's Twitter post was not immediately returned, but Beckham is a "bitcoin enthusiast," according to a Cash App press release.

Beckham has an incentive-laden contract with the Rams that pays him a $500,000 signing bonus to go along with a $750,000 salary.


Video: The Rush: Bucs beat down Giants, Taysom Hill makes bank, OBJ bags Bitcoin (Yahoo! Sports)

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Beckham can also earn up to an additional $3 million, giving the contract a $4.25 million ceiling, according to media reports.

Beckham isn't the first NFL player to take at least part of his salary in bitcoin.

Former Carolina Panthers offensive tackle Russell Okung received half of his $13 million salary in the cryptocurrency in December 2020.

Converting Okung's salary required Okung to direct deposit half his Carolina Panthers checks to Strike, an app founded by Jack Mallers' startup Zap.

Strike then converted the fiat money into bitcoin that is then sent to a cold storage wallet held by Okung via the Lightning Network, according to Yahoo Finance.

Since the date Okung announced that he was "paid in bitcoin," prices have shot up nearly 200%.

At the time of Beckham's tweet Monday afternoon, bitcoin was trading at $57,475. At last check it was just below $56,000.

Bitcoin, which is the largest cryptocurrency with above 40% of the $2.7 trillion crypto basket, is in the midst of a nearly 15 point drop over the past week.

This article was originally published by TheStreet.
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