Upbit opens digital asset investment competition... Total prize money: 10BTC

Upbit, a domestic cryptocurrency exchange, is holding a digital asset investment contest with a prize of 10 bitcoins. This is the first time that Upbit is holding an investment competition since the exchange opened.

New thing I learned: Upbit announced on its website on the 17th that it would hold the 1st Upbit Investment Major League Tournament.

To participate in this competition, you must apply through the website or smartphone app by the 26th. Participation is limited to Korean individual members who have signed up for Upbit and completed login and customer verification. The investment league will then be held from July 3rd to 16th.

Available investments include digital assets traded in the Upbit Korean Won, Bitcoin (BTC), and Tether (USDT) markets. Participants who have applied for investment will determine the competition ranking by evaluating the profit/loss and rate of return of coins bought and sold during this period. Upbit explained that digital assets newly supported for trading during the league period are also included in the rate of return evaluation.

The investment league is divided into the 'Saewoo League' with less than 10 million won in basic assets and the 'Whale League' with more than 10 million won, and prize money is awarded to the top 100 players based on cumulative returns for each league.

The first place winner of the Whale League will receive the winning prize of 1 Bitcoin and a non-fungible token (NFT) symbolizing first place. From 2nd to 100th place, a maximum of 0.7 Bitcoin to 0.005 Bitcoin will be paid differentially. First place in the Shrimp League will receive 0.15 Bitcoin as a prize. However, if the converted amount of the prize money exceeds 50,000 won, 22% of taxes and fees are excluded.