Whoever wins a medal will receive a cryptocurrency investment account at Bitbns. Prize values range from $ 675 to $ 2,700 in bitcoin and ether.
A group of athletes from India at the Tokyo 2020 Olympic Games could receive an extra reward if they win a medal. In addition to the gold, silver, or bronze medal, the winners will be awarded with a considerable prize in cryptocurrencies, more precisely bitcoin (BTC) or ether (ETH) from the Bitbns exchange.
The athletes from that country will have to add a step to the famous Olympic routine of the winners. The moment they arrive at the podium, they listen to their national anthem and receive the medal. They should also get their wallets ready to enter the world of investing in cryptocurrencies.
As announced in the official Twitter account, the cryptocurrency exchange Bitbns has opened SIP accounts (systematic investment plan) for the three medalists of the Asian country, and will also apply the same procedure to the next ones who manage to get on a podium in Tokyo.
These accounts are very famous in India, according to sites with expertise in the matter. These accounts represent an alternative to invest in a specific investment fund; they are tools for those people who do not have enough capital to achieve an investment. Instead, they choose to distribute the funds deposited in a certain period.
The gift accounts will have a starting amount of 200,000 rupees for gold medalists, 100,000 rupees for silver medal winners, and 50,000 rupees for third place holders, that is, a bronze medal. These amounts go in parallel with USD 2,695, 1,347, and 674, respectively. These figures go according to the currency exchange rate.
According to the Indian portal The Economical Times details, the money will be available automatically, and athletes will use it after completing the KYC. That is, after providing identity data. Also, the SIP will have a duration of at least 3 to 5 years, which Bitbns assures will permit the awarded athletes to earn a long-term fixed income with moderate exposure to digital assets.
The exchange has been very pleased to turn on the three accounts to award the Indian Olympic medalists. The current winners of this prize were Mirabai Chanu, who achieved a silver medal in the women’s Olympic lifting; Pusarla Sindhu, the bronze winner in women’s badminton and Loylina Borgohain, also ranking as a bronze medalist in women’s boxing in the welterweight games.
The Olympics, Walking Side by Side with Cryptocurrencies
This event is not the first contact between the world’s greatest sporting event and cryptocurrencies. The International Olympic Committee joined forces with the video game developer company nWay and launched a series of collectible pins related to the Olympic Games in NFT format.
About the Beijing 2022 Winter Olympics, the Government of China communicated its intention that all athletes handle the digital yuan during their stay for the Olympic event. With that goal set, they rushed the tests so that the digital version of the national currency ends up being available in less than a year.
By: Jenson Nuñez
