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India's Olympic Medalists Will Receive Crypto Prizes



Athletes representing India at the Tokyo 2020 Olympics can receive an additional reward if they earn a medal. In addition to the long-awaited gold, silver or bronze medal, the winners will also receive a prize in cryptocurrencies, more precisely Bitcoin (BTC) or Ether (ETH) from the Bitbns exchange.

When the time comes to get on the podium, hear their national anthem and receive the medal, Indian athletes will also be able to prepare their wallets to receive cryptocurrencies, promises a local bitcoin broker.

As announced in its official Twitter account, the exchange Bitbns, with origin in India, has opened SIP accounts (systematic investment plan) for the three medalists in the Asian country so far, and will do the same for the next ones who can get on a podium in Tokyo.

These accounts, widely used in India according to specialized websites, are an alternative for gradual investment in a particular mutual fund. They are used by those who do not have a large amount of capital to invest at once and, instead, decide to distribute the funds deposited within a specified period.

The gift accounts will have a starting value of Rs 200,000 for gold medalists, Rs 100,000 for silver medal winners and Rs 50,000 for third place winners, ie a bronze medal. These amounts are equivalent to approximately $ 2,695 USD, $ 1,347 USD and $ 673 USD, respectively, according to exchange data of the time.

As detailed by the Indian portal The Economical Times, the money will be paid automatically and athletes will be able to access it after the completion of the KYC (Know your client). Additionally, the SIP will last for 3-5 years, which Bitbns says will allow athletes to earn long-term fixed income with moderate exposure to digital assets.

So far, the exchange has opened three accounts to reward Olympic medalists from India. The winners were Mirabai Chanu, who won the silver medal in the women's Olympic lift; Pusarla Sindhu, bronze winner in women's badminton; and Loylina Borgohain, also a bronze medalist in women's boxing in the welterweight division.


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