Athletes from India who win medals at the ongoing Tokyo Olympics are awarded with cryptocurrencies such as Bitcoin and Ethereum in India . The activity is the idea of the Bitbns exchange, which is situated in the country.
The cryptocurrency platform provides free exposure to digital money to medalist contestants.
Bitbns plans to launch a systematic investment plan (SIP) in digital assets for medal-winning Indian athletes.
Gold medalists will receive RR 14,125 in Bitcoin and Ethereum
The first athletes to benefit from the incentive, according to The Economic Times portal, would be Mirabai Chanu and PV Sindhu.
The former took silver in the Women’s 49kg Weightlifting event. Sindhu, meanwhile, earned a Bronze medal in women’s individual badminton.
According to the portal, the gold medalists will also receive RR 14,125 in crypto assets. Silver medalists will get R 7 7,060 in cryptocurrency. Finally, the bronze medalists will get R 3 3,530.
According to the exchange, the Know Your Customer (KYC) processes would be carried out first. The monies in BTC and ETH will then be sent to the Olympic winners’ accounts.
Furthermore, Bitbns stated that SIP will be structured for a three to five-year timeframe. The idea is to provide athletes with ongoing exposure to crypto assets.
As a result, the medalists will be able to earn 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 “Bitcoin and Ethereum have been the best-performing investments over the last decade. They delivered amazing results. “Our goal is for our winners to enjoy this gratifying journey,” stated Bitbns CEO Gaurav Dahake. Gaurav Dahake, CEO of Bitbns.
Currently, the cryptocurrency platform provides a service called Bitdroplet, which allows investors to acquire Bitcoin or Ethereum in a systematic manner on a daily, weekly, or monthly basis.
The product is comparable to systematic investment plans offered by national mutual funds.