Not only free pizzas, India’s Olympic medal winners to get free Bitcoins too

Synopsis

Cryptocurrencies like Bitcoin and Ethereum have been richly rewarding for investors as they gave manifold returns to investors over the past 18 months.

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MUMBAI: The accomplishments of India’s athletes in the ongoing Tokyo Olympics has seen them being showered with praise and monetary rewards. From free pizzas to cash prizes, medal-winning Indian Olympians are getting richly recognized. Now, they can add cryptocurrencies to their list of gifts.

Bitbns, an India-based cryptocurrency exchange, has offered to open a systematic investment plan in cryptocurrencies like Bitcoin and Ethereum for India’s medal winners Mirabai Chanu and PV Sindhu after they won silver and bronze medals, respectively, at the Tokyo Olympics.

Mirabai Chanu won the silver medal in 49 kg women’s weightlifting, while PV Sindhu won bronze in the women’s singles badminton. Earlier today, Lovlina Borgohain settled for bronze in the women’s welterweight category after losing in the semi-finals.

The cryptocurrency exchange will start an 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 company said in a press statement.

The amount will be auto-credited to their account, which the athletes can later access by completing the KYC (Know Your Customer) norms. The SIP will be structured for a 3-5 year period, thereby offering them a seamless exposure to the digital asset whilst enabling them earn a fixed source of income in the long term through the platform, Bitbns 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,” said Gaurav Dahake, chief executive officer at Bitbns.

Cryptocurrencies like Bitcoin and Ethereum have been richly rewarding for investors as they gave manifold returns to investors over the past 18 months. However, since April these cryptocurrencies have seen their value drop up to 50 per cent from their record highs due to regulatory crackdown in China and concerns over their environmental impact.

Bitbns’ Bitdroplet allows investors to buy Bitcoin or Ethereum coins on a daily, weekly or monthly basis in a systematic way. The product is akin to systematic investment plans in domestic mutual funds.

At 12:55 pm, price of Bitcoin was down 2 per cent at $37,762. The price of Ethereum was down 0.2 per cent at $2,481.

Source

Updated: 08/04/2021 — 06:00