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Summary
- India’s cryptocurrency exchange, Bitbns announced to award Indian medallists at the Tokyo 2020 Olympic games with “Bitcoin SIP.”
- The amount will be auto-credited for years to their account at regular intervals, which these athletes can access later after completing their KYC.
- The SIP will be structured for a 3-5 year period, thereby offering them decent exposure to the crypto asset.
To celebrate the victory of Indian Olympic champions, Bitbns, one of the leading cryptocurrency exchanges in India, has decided to award winners at the Tokyo 2020 Olympic games with “Bitcoin SIP.” Olympic medallists in this season of Olympic games will be entitled to cryptocurrency SIP worth lakhs on Bitbns. A cryptocurrency SIP works the same way as a Mutual fund SIP, wherein a fixed amount is being invested in a mutual fund at regular intervals, with the only difference being in the asset that is being accumulated over time, which is cryptocurrency in this case.
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The company said in an official statement that it would start SIP from 2 lakhs for the gold medallists, while 1 lakh will be the SIP amount for Silver medallists. The bronze medallists would be entitled to a SIP plan of 50 thousand.
The crypto exchange will start with honoring Mirabai Chanu, who bagged a silver medal in weightlifting in the 49 kg category, and PV Sindhu who secured the third spot with a bronze medal in badminton.
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Gaurav Dahake, CEO, Bitbns said they are proud to associate and play its part in honoring the Indian Olympic champions as India celebrates its 100-year journey with the biggest global sporting event. With these players rewarding more than 130 billion people with their performance, Bitbns has its own unique way to reward them. As the CEO said, it is a “small gesture” from Bitbns to gratify them in their own way.
Bitbns will felicitate the Indian Olympic medalists by crediting their accounts with lakhs worth of cryptocurrencies. The amount will be auto-credited for years to their account at regular intervals, which these athletes can access later after completing their KYC (Know Your Customer) process. The SIP will be structured for a 3-5 year period, thereby offering them a decent exposure to the crypto asset while at the same time, enabling them to earn a fixed source of income in the long-term through Bitbns.
Bitbns already has an offering called “Bitdroplet SPP” (Systematic Purchase Plan), a simple, seamless and secure platform, that allows an investor to regularly invest in cryptocurrencies via a SIP. An investor can invest in some of the top cryptocurrencies, such as Bitcoin and Ethereum, in regular installments with intervals as low as daily. The platform thus encourages investors to take exposure in the crypto assets in small volumes periodically to reduce risks of volatility and the need for timing the market well.
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