Indian Crypto Exchange Gifts Free Crypto To Olympic Medal Winners
Indian-based crypto exchange platform Bitbns plans to create a crypto-related systematic investment plan (SIP) for Indian medal winners at the current Tokyo Olympics. It is rumored that gold medal winners will receive $2,800 worth of cryptocurrency of their choice.
Some Indians Are Already Eligible For This Reward
News of Bitbns benevolence was shared via a report by the economic times. However, the report didn’t state whether these medal winners will be given their virtual assets during or after the Olympics. Already, two athletes are eligible for the Bitbns reward.
Mirabai Chanu and PV Sindhu won silver and bronze medals in the 49kg women’s weightlifting and women singles’ badminton events, respectively, at the ongoing Olympics. Apart from giving $2,800 worth of cryptocurrency for gold medal winners, the exchange would also gift silver and bronze medal winners with $1,400 and $680 worth of virtual assets, respectively.
The virtual asset will be in the SIP account of each winner, but they would need to complete their Know Your Customer (KYC) before they can access their virtual assets, which includes Bitcoin and Ethereum. According to Bitbns CEO, Gaurav Dahake, the SIP structure would be for up to 5 years. Hence, these winners can take advantage of the yield opportunities that Bitbns exchange provides for its users.
“for the past ten years, Bitcoin and Ethereum remain the best performing digital assets. They provide the best returns on investment, and we won’t mind indulging our winners in this profitable space.,” the CEO remarked.
Rising Interest In Cryptocurrencies By Indians
A new survey suggests that throughput last year, Indians invested $200 million in virtual assets, but so far this year, their investment in the same space is estimated to be around $40 billion.
These figures show the sharp growth in Indians’ interest in digital assets. Also, most Indians who usually invest in gold have started selling their gold and investing the proceeds in cryptocurrencies. One investor remarked that: “I prefer to invest in crypto than gold or any other asset. It has a clearer explanation and offers fast, guaranteed returns.”
The survey further noted that almost 16 million Indians trade cryptocurrencies. A high number compared to countries with better cryptocurrency exposure, such as the UK, where only 2.4 million citizens have invested in that space.
Explaining the sharp rise in the number of crypto investors in India, Zebpay co-founder, Sandeep Goenka, said “Indians understand the process of investing in crypto better than they do gold because it is simpler. They only need to go to the right place online to make their purchase. Also, they don’t need to perform any physical verification before making a crypto purchase which is much different from gold.”
NBA Summer League Attendees Can Buy NBA Top Shot NFTs
Meanwhile, as cryptocurrencies continue to gain more relevance in sports, NBA top shot, a non-fungible token (NFT) platform, has revealed that attendees at the august 8-10 NBA summer leagues can purchase exclusive NBA NFTs.
The NFTs will be released one per day and will feature the best gameplay moments for each day. Each day’s NFT will be available for sale at the firm’s kiosk in the La Vegas arena.
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