MUMBAI: India’s athletes have been rewarded for their achievements in the current Tokyo Olympics with medals and cash prizes. Medal-winning Indian Olympians are being lavishly rewarded, with anything from free pizzas to cash rewards. They’ll now include bitcoins in their inventory.
After receiving silver and bronze medals, respectively, at the Tokyo Olympics, Bitbns, an India-based cryptocurrency exchange, has agreed to launch a scientific financing scheme in cryptocurrencies such as Bitcoin and Ethereum for India’s medal winners Mirabai Chanu and PV Sindhu.
Mirabai Chanu won silver in the 49 kg women’s weightlifting event, while PV Sindhu took bronze in the women’s singles badminton event. After losing in the semi-finals, Lovlina Borgohain settled for bronze in the women’s welterweight division.
According to a press release, the cryptocurrency exchange would start a SIP account with Rs 2 lakh for gold medal winners, Rs 1 lakh for silver medal winners, and Rs 50,000 for bronze medal winners.
The amount will most likely be automatically credited to their account, which the sportsmen may access after completing the KYC (Know Your Customer) requirements. The SIP will be designed for a 3-5 year period, giving them continuous exposure to the digital asset while also allowing them to generate a steady stream of money from the platform in the long run, according to Bitbns.
“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 to indulge in this rewarding journey,” said Gaurav Dahake, Bitbns’ chief government officer.
Buyers have been rewarded handsomely by cryptocurrencies such as Bitcoin and Ethereum, which have yielded massive gains over the last 18 months. However, due to regulatory crackdowns in China and concerns about their environmental impact, the value of these cryptocurrencies has dropped by as much as 50% from their previous highs since April.
Bitbns’ Bitdroplet allows buyers to acquire Bitcoin or Ethereum currency on a daily, weekly, or monthly basis in a systematic manner. The product is similar to home mutual fund systematic funding programs.