Bitcoin for Tokyo 2020 India winners: Crypto exchange Bitbns to award medalists with crypto SIPs

Bitcoin for Tokyo 2020 India winners: Crypto exchange Bitbns to award medalists with crypto SIPs

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The exchange’s Bitdroplet SPP (Systematic Purchase Plan) allows investment in cryptocurrencies via an SIP. (Image; PTI Photo/Gurinder Osan)

In order to felicitate winners at the Tokyo Olympics, cryptocurrency exchange Bitbns is looking to award them with Bitcoin SIPs worth lakhs. The company said winners would be entitled to open the SIP on the exchange that will start from Rs 2 lakh for gold medalists, Rs 1 lakh for silver winners, and Rs 50,000 for bronze winners. Bitbns is looking to begin with Mirabai Chanu who won a silver medal in weightlifting, and PV Sindhu for securing a bronze medal in badminton to become the first Indian woman to win two Olympic medals. The amount will be auto-credited to their account for athletes to access by completing the KYC. The company said the SIP will be structured for a three-five-year period “thereby offering them a seamless exposure to the digital asset whilst enabling them to earn a fixed source of income in the long term through the platform.” 

“As the best of our youngsters look at giving their life towards an Olympics medal, we are doing our small bit by creating a Bitcoin SIP for our Olympic heroes while promoting the culture of excellence in sports. With a country of 1.3 billion, we can definitely get to the podium of the overall tally. Heartiest congratulations from Bitbns team to Mirabai Chanu, P.V. Sindhu, and Lovlina Borgohai for bringing home the medals,” Gaurav Dahake, Founder & CEO, Bitbns told Financial Express Online.  

The exchange’s Bitdroplet SPP (Systematic Purchase Plan) allows investment in cryptocurrencies via an SIP. Users can invest a minimum of Rs 100 a day in the leading coins such as Bitcoin and Ethereum in regular installments including daily, weekly, or monthly to encourage investment in small volumes periodically and reduce risks while timing the market well. “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,” added Dahake.

Also read: Bitcoin rallies past $42,000 mark, hits new high since mid-May; valuation touches $800 billion

INR can be deposited in the wallet using UPI, after which the money will be automatically invested into the cryptocurrency as per the desired periodicity, the company said. To cash in, one can simply sell the cryptocurrency and redeem it from the wallet to one’s bank account through the platform

India has so far won three medals at Tokyo Olympics. Indian wrestler Ravi Kumar Dahiya on Wednesday defeated Kazakhstan’s Nurislam Sanayev in the semifinal match to play finals for the gold medal. Dahiya is the second Indian wrestler ever to enter the Olympics final after Sushil Kumar back in the 2012 Olympics in London. On the other hand, javelin thrower Neeraj Chopra also entered the finals with a spectacular throw of 86.65m that ranked him on the top of the Group A contest on Wednesday. Moreover, the Indian women’s hockey team, which lost to Argentina, will take on Great Britain for a bronze medal on August 6.

The suggestions/recommendations around cryptocurrencies in this story are by the respective commentator. Financial Express Online does not bear any responsibility for their advice. Please consult your financial advisor before dealing/investing in cryptocurrencies.

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