Athletes from India who win medals at the Tokyo Olympics, which are underway, are rewarded with cryptocurrencies such as Bitcoin and Ethereum. The action is an initiative of the Bitbns exchange, based in the country.
In practice, the cryptocurrency platform offers medalist competitors exposure to digital currencies for free.
More precisely, Bitbns intends to open a systematic investment plan (SIP) in digital assets for medal-winning Indian athletes.
Gold medalists will receive RR 14,125 in Bitcoin and Ethereum
According to The Economic Times portal, the first athletes to receive the incentive will be Mirabai Chanu and PV Sindhu.
The former won the silver medal in the Women’s 49kg Weightlifting. Meanwhile, Sindhu won bronze in the women’s individual badminton.
Also according to the portal, the gold medalists will be given the equivalent of RR 14,125 in crypto assets. Competitors who win the silver medal will receive R 7 7,060 in cryptocurrencies. Finally, the athletes who win the bronze will receive R 3 3,530.
The exchange indicated that the Know Your Customer (KYC) procedures will be performed first. Then the Olympic winners will receive the amounts in BTC and ETH to their accounts.
Additionally, Bitbns said that SIP will be structured for a period of three to five years. The goal is to offer athletes continuous exposure to crypto assets.
In this way, the medalists will have the possibility of obtaining a source of long-term fixed income through the platform.
“Bitcoins and Ethereum have been the best performing assets in the last decade. They provided exceptional returns. Our goal is to have our winners indulge in this rewarding journey, ”said Gaurav Dahake, CEO of Bitbns.
Currently, the cryptocurrency platform offers a service, Bitdroplet, that allows investors to buy Bitcoin or Ethereum on a daily, weekly or monthly basis in a systematic way.
The product is similar to systematic investment plans in national mutual funds.
Cryptocurrencies in India
Cryptocurrencies have become very popular in India. According to Chainalysis, investments in digital currency in the country grew from April 923 million in April 2020 to almost 6.6 billion in May this year.
In total, the number of people trading cryptocurrencies in India has already passed 15 million.
It is worth noting that this growth came amid strong hostility from the Central Bank of India.
Athletes walk away with medals and Bitcoin
The achievements of Indian athletes at the ongoing Tokyo Olympics have seen them inundated with praise and monetary rewards. From free pizzas to cash prizes, Indian Olympics medal winners are being richly recognized. Now, they can add cryptocurrencies to their gift list.
Bitbns, an India-based crypto exchange, has offered to open a systematic investment plan in cryptocurrencies such as Bitcoin and Ethereum for Indian medal winners Mirabai Chanu and PV Sindhu after winning silver and bronze medals, respectively. at the Tokyo Olympics.
“Bitcoins and Ethereum have been the best performing assets in the last decade, delivering exceptional returns and our goal is for our winners to indulge in this rewarding journey,” said Gaurav Dahake, CEO of Bitbns
Bitdroplet by Bitbns allows investors to buy coins from Bitcoin or Ethereum daily, weekly or monthly on a systematic basis. The product is similar to systematic investment plans in national mutual funds.