On August 4, crypto exchange Bitbns declared that Bitcoin SIP awards for the Indian medalists at the Tokyo 2020 Olympic.

The Indian Olympic winners will be authorized to open crypto SIPs worth lakhs on the exchange.

The SIP will begin from Rs. 2,00,000 for gold winners Rs. 1,00,000 for silver and Rs. 50,000 for bronze winners.

The exchange intends to start with rewarding Mirabai Chanu for winning a silver medal in weightlifting in the 49 kg category and PV Sindhu, who bagged the bronze medal in badminton for defeating Bing Jiao Of China to become the first Indian lady with 2 individual Olympic medals.

The amount will be auto-deposited in the account of the medalists, which they can access in the future after completing the KYC.

The SIP will be created for a 3-5 year period.

CEO of Bitbns, Gaurav Dahake, said that Ethereum and Bitcoins were the best-performing assets in the previous ten years and had given amazing returns. He added that they intend to get the winners to indulge in the rewarding journey.

Bitbns, founded in 2017, owns over 3 million users.

The firm gives products including SIP in bitcoin, bitdroplet, FIP which is an FD (Fixed Deposit) for crypto.

The exchange fulfills the needs of long-term mature investors and traders among others.

The firm also provides advanced trading capabilities like margin trading which can be supported by experienced traders and automated trading options via API for users.