The following episode was originally aired on 92.1 The Frog on February 3rd, 2022.
Hello, and welcome to The Sunset. My name is Nathan and I’ll be going over a feature story I find interesting and give my thoughts on it.
Last Friday, The LeBron James Family Foundation, a charity organization founded by basketball player LeBron James, announced they were entering a multi-year deal with Crypto.com, a Singaporean cryptocurrency exchange. The two organizations will partner up to bring a cryptocurrency curriculum to the I Promise School in Akron, Ohio, founded by James, according to a report by Boardroom. This partnership comes after a string of other deals by Crypto.com, such as the purchase and renaming of the Staples Center to Crypto.com Arena for $700 million dollars, as well as a $175 million dollar deal with UFC and a jersey sponsorship with the Philadelphia 76ers.
The I Promise School, or IPS, was opened in 2018, and is primarily focused on assisting low-income and at-risk children.
This whole deal feels really scummy to me. I’ve previously stated my distaste for cryptocurrencies as a scam, but beyond that, this “partnership” seems more like Crypto.com bought a class slot in a school that’s focused towards low-income kids, the exact group that would be desperate for any method of income and financial stability. Financial literacy in general isn’t really taught by schools until high school, so why they’re teaching something like cryptocurrencies to elementary and middle schoolers is beyond me.
I highly doubt Crypto.com’s commissioned classes will teach kids critical thinking surrounding the topic and how the system is structured, instead just talking about “opportunities” and other feel-good words. Will the course contain a lecture about the $35 million dollars of the Ether cryptocurrency stolen from Crypto.com that was reported in January by the site themselves, or will they leave those dangers out entirely? Besides, selling classes to the highest bidder is the exact type of power imbalance that cryptocurrencies are supposedly meant to fix. And why isn’t the cryptocurrency trading platform making their deals with cryptocurrency? It reeks of trying to buy credibility.
That’s all for today. Thank you for listening to 92.1 The Frog.