Amid the frenzied crypto gold rush, Idris Elba boldly rejected a multitude of what he calls "mad opportunities." Today, he finds himself in an intriguing partnership with the altruistic "crypto-for-good" organization, the Stellar Development Foundation.
Idris Elba's journey into the world of cryptocurrencies mirrored that of the masses, ignited by the soaring prices. This British actor celebrated for his iconic roles in TV series such as The Wire and Luther, observed his fellow celebrities plunge into the crypto arena during the pandemic. In 2021, sensing the chance to capitalize on the feverish enthusiasm, crypto enterprises spared no expense in enlisting celebrities to endorse their services. Celebrities, in turn, leaped at the opportunity, to create their own non-fungible tokens (NFTs) and cryptocurrency coins.
While many seized these opportunities, Elba remained on the sidelines. He recalls being offered enticing prospects as an entertainer, but they often amounted to being treated as a mere commodity for profit. Although he dabbled in purchasing an NFT once, he refrained from fully immersing himself in the gold rush. As it turned out, this restraint proved wise.
Over the past 18 months, the cryptocurrency realm has experienced a dramatic downturn. Starting with the collapse of the Terra Luna stablecoin in May, subsequent failures of entities like hedge fund Three Arrows Capital, crypto lender Celsius, and crypto exchange FTX have left the industry reeling. Investment has dwindled, regulators have tightened their grip, and the remaining businesses have been tarnished by association.
In the cryptocurrency sphere, these trying periods are often referred to as "winters," implying that the metaphorical spring will eventually arrive. Yet, for the celebrities who endorsed crypto services, the consequences of legitimizing products that collectively cost people billions of dollars may extend far beyond any seasonal metaphor.
FTX, whose founder Sam Bankman-Fried faces fraud charges next week, enlisted sports icons like Tom Brady and Shaquille O'Neal, supermodel Gisele Bündchen, comedian Larry David, and others to represent their brand. Some of them are entangled in a class action lawsuit for neglecting due diligence on FTX. In March, the US Securities and Exchange Commission charged celebrities ranging from Lindsay Lohan to Ne-Yo to Akon with illegally promoting crypto coins without disclosing their financial incentives.
Nevertheless, despite the crypto downturn and its repercussions on celebrity advocates, Elba maintains his "curiosity" about this technology. Specifically, he is drawn to how crypto's underlying architecture could potentially address the issue of financial inclusion in West Africa, the region of his heritage, where less than half of adults have access to banking. Elba envisions crypto, built atop a decentralized blockchain beyond government or corporate control, as a tool to "break down those walls."
Elba's new endeavor involves collaborating with the Stellar Development Foundation, a nonprofit supporting the growth of the Stellar blockchain network. What started as a paid brand ambassadorship has evolved into a more mutually beneficial business partnership. Elba commends Stellar for not inundating him with empty rhetoric or attempting to coerce him into promoting a token. Their conversations centered on real-world utility. Elba emphasizes that he's not endorsing a specific crypto brand but rather highlighting the capabilities of blockchain as a tool, with Stellar being his preferred articulation.
The specifics of this partnership remain shrouded in mystery, but one can glean their ambitious goal: to provide West African residents with an alternative means of transacting and managing their finances. Elba likens this potential shift in West Africa from traditional banking to crypto-based financial services to the transition from physical mail to email. Just as email provided anyone with internet access to a digital address for communication, crypto could potentially grant everyone a digital financial address.
Elba distinguishes himself from other celebrities "caught up in the mayhem." He suggests that these individuals may have underestimated the responsibility that accompanies their influence—a pitfall he's determined to sidestep. His mission is not to promote a specific cryptocurrency but rather to champion the idea of rethinking financial inclusion. "My influence is important, and I don't want to use it for the wrong thing," he asserts.