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Bitrue Exchange has unveiled a $1 million prize pool for a trading competition involving cryptocurrencies such as XRP.
Prominent Singaporean exchange Bitrue, known for its pro-XRP stance, has unveiled a campaign to promote XRP to its users. In particular, Bitrue has launched a spot trading competition, specifically targeting digital assets such as XRP, Bitcoin (BTC), and ORDI.
Per the disclosure, participants in trading activities involving XRP and the other supported cryptocurrencies can win a portion of a prize pool valued at 1,000,000 USDT. The exchange shared specific details about the campaign via its official account on X.
🚀 Join Bitrue Spot Trading Competition!
🎁 Trade $XRP, $BTC, $ORDI and more to a share up to 1,000,000 $USDT prize pool!
📅 Time: 10:00 UTC, Feb 7 – 10:00 UTC, Feb 22
Trade now ➡️ https://t.co/kG7gOsdNNQ pic.twitter.com/BlBM2Vkgy8
— Bitrue (@BitrueOfficial) February 9, 2024
According to the notification, the trading competition commenced on Wednesday, February 7, and would last two weeks, concluding on February 22.
Notably, Bitrue has created a dedicated portal for participants to monitor the trading contest transparently.
Information from the portal indicates that the prize pool’s size increases with more participants. At press time, 14,644 users have joined the trading contest and will share 150,000 USDT.
Should the number of participants increase to 15,001, the prize pool will rise to $300,000. Also, it would reach $500,000 with 30,001 participants and $700,000 with 50,001 participants. Bitrue has pledged to increase the bounty to $1,000,000, with participants exceeding 80,000.
Conditions to Participate
Bitrue has outlined that anyone can participate in the event upon successful registration without any registration conditions to meet. Also, Bitrue supports spot trading pairs for all coins listed on its platform.
Moreover, the exchange noted that ranking statistics for this spot trading competition are based on trading volume.
Notably, Trading Volume equals Buys plus Sells, while Net Buying Amount equals Buys minus Sells. The minimum trading volume for this competition is 100 USDT.
The leaderboard refreshes every 30 minutes. According to the latest update, the top three contestants have executed transactions exceeding $11.4 million each, securing prizes of $37,500, $22,500, and $15,000, respectively.
Bitrue mentioned that the reward would be issued to the winner’s Futures account within two weeks after the event and could be withdrawn directly.