Saturday, February 4, 2023

Indian Medalists At Tokyo Olympics To Receive Crypto SIPs

Indian athletes’ accomplishments in the ongoing Tokyo Olympics are being praised and rewarded not only by the citizens but also by several big brands in the country. Apart from Pizza, and cash prizes, the Indian Olympics players, who have won medals in the tournament, would now be receiving cryptocurrencies as a gift. 

While making an announcement recently, Bitbns, an India-based crypto exchange, stated that it has decided to reward all the medal-winning Indian Olympians with a systematic investment plan in cryptocurrencies, like Bitcoin and Ethereum. The announcement was made after two of the Indian athletes Mirabai Chanu and PV Sindhu, won silver and bronze medals, respectively, at the Tokyo Olympics.

Till date, India has won a total of four medals, which include one silver and three bronze, in the Tokyo Olympics 2020.

As per the announcement, the crypto exchange will initiate SIP for the winners. The gold medal winner will be offered Rs. 2 lakh ($2695.33) SIP, the silver medal winner will receive Rs. 1 lakh ($1347.66) SIP and the bronze winner will get Rs. 50000 ($673.83) SIP. 

Further, the company notified that the amount will be auto-credited to the SIP accounts of the athletes. As soon as they will complete the KYC (Know Your Customer) norms, the winners will be able to access them. 

The SIP will be structured for a 3-5 period, thereby offering athletes a seamless exposure to the digital asset whilst allowing them to earn a fixed source of income in the long term through the platform. 

Gaurav Dahake, the CEO at Bitbns, recently said, “Bitcoins and Ethereum have been the best-performing assets in the last decade, and have given exceptional returns and we aim to get our winners indulge in this rewarding journey.”

For the past 18 months, cryptocurrencies like Bitcoin and Ethereum have richly been rewarding their investors with multiple returns on their investment. However, the market did not remain stable for a long. In April the crypto market suffered a loss, and since then, the digital assets lost up to 50 percent of their value from record highs. This happened due to China’s regulatory crackdown on the crypto industry in the country and the concerns over their (cryptocurrencies) environmental impact.

The SIP project of Bitbns, Bitdroplet, helps the investors to buy any cryptocurrency on a daily, weekly or monthly basis in a systematic way. Thie project is very much similar to systematic investment plans in domestic mutual funds.

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