Athletes representing India at the Tokyo 2020 Olympic Games could get an extra reward if they manage to get 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.
In this way, the athletes of that country will have to add a step to the famous Olympic routine of the winners. At the time of getting on the podium, listening to their national anthem and receiving the medal, they should also prepare their wallet to start in the world of cryptocurrency investments.
As announced in their official account of Twitter, the cryptocurrency exchange Bitbns, originally from India, has opened SIP accounts (abbreviations in English for systematic investment plan) for the until now three medalists of the Asian country, and it will do the same with the next ones who manage to get on a podium in Tokyo.
These accounts, which are widely used in India according to specialized sites, constitute an alternative to invest in a gradual in a given investment fund. They are used by those people who do not have a large capital to invest at once, and instead decide to distribute the funds deposited in a certain period of time.
Gift accounts will have a starting amount of 200,000 rupees for gold medalists , 100,000 rupees for silver medal winners and 50,000 rupees for those who obtain a third place, that is, a bronze medal. These amounts are equivalent to USD 2,695, 1,347 and 674, respectively, according to the currency exchange at the close of this note.
According to what the Indian portal The Economical Times details, the money will be credited automatically and athletes will be able to access it after completing the KYC (‘Know your client’, in Spanish). That is, after providing your identity data. Additionally, the SIP will last for 3-5 years, which Bitbns says will allow athletes to earn a long-term fixed income with moderate exposure to digital assets.
So far, the exchange has been “pleased” to open three accounts to award Indian Olympic medalists. The recipients were Mirabai Chanu, who won a silver medal in the women’s Olympic lifting; Pusarla Sindhu, bronze winner in women’s badminton; and Loylina Borgohain, also a bronze medalist in women’s boxing in the welterweight category.
The Olympic Games and cryptocurrencies
This is not the first rapprochement between the world’s greatest sporting event and cryptocurrencies. As CriptoNoticias reported in June, the International Olympic Committee launched together with the video game developer nWay a series of collectible pins alluding to the Olympic Games in NFT format.
On the other hand, already thinking about the Beijing 2022 Winter Olympics, the Government of China communicated its intention for all athletes to handle the digital yuan during their stay for the Olympics. To this end, they have accelerated the tests so that the digital version of the national currency is available in less than a year.
