(CNN) There are almost 3,000 athletes competing at the PyeongChang Olympics, but there is only one who is paid in cryptocurrency.

Canadian Ted-Jan Bloemen, who took gold in the men's 10,000m long-track speed skating, became the first athlete to be paid in virtual money when he struck a one-year sponsorship deal with ONG Social, a social network and crypto community, and CEEK VR, a developer of virtual reality experiences.

It's often not easy being a Winter Olympian, particularly in securing financial support to fund the pursuit of sport success, with Bloemen is exploring a "whole new frontier," according to his agent.

The double world record-holder set an Olympic record of 12:39.77 at the Gangneung Ice Arena, edging out Dutch rival Jorrit Bergsma. He had claimed silver in the 5,000m a few days previously.

Bloemen is sharing his Olympic journey on the ONG Social network and star in a 360° virtual reality experience on CEEK VR. In return, he will earn cryptocurrency rewards.

"Speed skating success is all about progression -- building and building to peak at the right time," said Bloemen in a joint statement with CEEK VR and ONG Social last month to announce the deal.

Bloemen moved to Calgary in 2014 to compete for Canada.

If it's a deal that provides exposure for ONG and CEEK VR, it could also be a smart move with Mary Spio, who is the CEO and founder of the virtual reality company, pointing out that athletes would increasingly use VR to improve their performance.

"Bloemen's support for cutting-edge technologies is reflective of his proclivity for pushing the boundaries," said Spio in a statement.

"We believe Virtual Reality isn't just great for our audience (Ceekers) but will ultimately be used for training and maximizing player performance and potential."

I'm very excited to be the first ever #Crypto Sponsored Athlete. Thanks @CEEK #VirtualReality and @Ong_Social for being at the forefront of technology and this great achievement. Looking forward to a great relationship and the exciting times ahead. pic.twitter.com/mCHbNzkKW8 — Ted-Jan Bloemen (@TedJan) January 31, 2018

Wild fluctuations

Although virtual currencies can fluctuate wildly, Bloemen said he was "excited" about his new endorsement, adding he felt like he had got "two new teammates to help put me over the top, at the most important point in the season."

Bitcoin, the best known cryptocurrency, soared to close to $20,000 last year, before collapsing in December. It was trading at just over $8,573 at the end of the week.

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According to Kgazette.com, ONG Social has mined 300 million coins, worth a total of $138.69 million. The cryptocurrency was founded in June.

Although it's not known how many coins Bloemen stands to receive, he told Canada's National Post that the deal was "a minimum amount in cash, but most in cryptocurrencies."

He added: "For me, the real risk of not getting anything is not there, because I got a little (cash) out of it already.

"And that combination makes this sponsorship really fun, right. Because we're going to help each other. I'm trying to get them a little more exposure to make them succeed, and that would help all of us, right."

Photos: Winter Olympics: Thursday, February 15 American skier Mikaela Shiffrin won the giant slalom on Thursday, February 15. It is the second Olympic gold of her career. She also won the slalom in 2014. Hide Caption 1 of 28 Photos: Winter Olympics: Thursday, February 15 Aliona Savchenko and Bruno Massot gave Germany gold in pairs figure skating. They broke their own world record for highest score in a free skate. Hide Caption 2 of 28 Photos: Winter Olympics: Thursday, February 15 An official tries to separate players from Canada and the United States during a preliminary round hockey game. Canada won 2-1. Hide Caption 3 of 28 Photos: Winter Olympics: Thursday, February 15 Norway's Aksel Lund Svindal made history when he won the downhill and became the oldest Alpine skier ever to win Olympic gold. Svindal, 35, now has four Olympic medals, three of which he won in 2010. Hide Caption 4 of 28 Photos: Winter Olympics: Thursday, February 15 Evgenia Tarasova and Vladimir Morozov, figure skaters from Russia, perform during the pairs competition. Hide Caption 5 of 28 Photos: Winter Olympics: Thursday, February 15 South Koreans cheer on speedskater Lee Seung-hoon during the 10,000 meters. He finished in fourth. Hide Caption 6 of 28 Photos: Winter Olympics: Thursday, February 15 Australia's Lydia Lassila competes in the aerials. Hide Caption 7 of 28 Photos: Winter Olympics: Thursday, February 15 Norway's curling team competes against Canada. Hide Caption 8 of 28 Photos: Winter Olympics: Thursday, February 15 Canadian speedskater Ted-Jan Bloemen reacts after setting a new Olympic record in the 10,000 meters. He won the gold. Hide Caption 9 of 28 Photos: Winter Olympics: Thursday, February 15 Sweden's Fredrik Lindstrom fires his rifle during the 20-kilometer biathlon. Hide Caption 10 of 28 Photos: Winter Olympics: Thursday, February 15 North Korean supporters cheer before a men's hockey game between South Korea and the Czech Republic. Hide Caption 11 of 28 Photos: Winter Olympics: Thursday, February 15 British curler Lauren Gray competes against China. Hide Caption 12 of 28 Photos: Winter Olympics: Thursday, February 15 Dutch speedskater Jorrit Bergsma leads Italy's Davide Ghiotto in the 10,000 meters. Bergsma set a new Olympic record, but that was later broken by Canada's Ted-Jan Bloemen and he had to settle for the silver. Hide Caption 13 of 28 Photos: Winter Olympics: Thursday, February 15 Kristina Astakhova, a figure skater from Russia, goes airborne as she and partner Alexei Rogonov compete in the pairs event. Hide Caption 14 of 28 Photos: Winter Olympics: Thursday, February 15 A spectator holds a picture of South Korean speedskater Lee Seung-hoon during the 10,000 meters. Hide Caption 15 of 28 Photos: Winter Olympics: Thursday, February 15 South Korean ski jumper Seou Choi trains for the large-hill event. Hide Caption 16 of 28 Photos: Winter Olympics: Thursday, February 15 A spectator draped with an American flag watches a men's curling match. Hide Caption 17 of 28 Photos: Winter Olympics: Thursday, February 15 Athletes race in a snowboard cross quarterfinal. Hide Caption 18 of 28 Photos: Winter Olympics: Thursday, February 15 Norwegian cross-country skier Ragnhild Haga celebrates after winning gold in the 10-kilometer freestyle. Hide Caption 19 of 28 Photos: Winter Olympics: Thursday, February 15 Australian bobsledders Lucas Mata and David Mari take a practice run. Hide Caption 20 of 28 Photos: Winter Olympics: Thursday, February 15 North Korean figure skaters Ryom Tae Ok and Kim Ju Sik compete in the pairs event. Hide Caption 21 of 28 Photos: Winter Olympics: Thursday, February 15 Norwegian cross-country skier Marit Bjørgen won her 12th Olympic medal when she took bronze in the 10-kilometer freestyle. No woman has won more medals at the Winter Olympics. Hide Caption 22 of 28 Photos: Winter Olympics: Thursday, February 15 Japan's Satsuki Fujisawa shouts for instructions during a curling match against Denmark. Hide Caption 23 of 28 Photos: Winter Olympics: Thursday, February 15 Nikita Tregubov, a skeleton athlete from Russia, slides down the track during a qualification run. Hide Caption 24 of 28 Photos: Winter Olympics: Thursday, February 15 Thomas Bach, president of the International Olympic Committee, sits between the North Korean figure skating duo of Ryom Tae Ok and Kim Ju Sik. Hide Caption 25 of 28 Photos: Winter Olympics: Thursday, February 15 Germany's Leonhard Pfoderl, left, and Finland's Tommi Kivisto battle for the puck during a preliminary round game. Hide Caption 26 of 28 Photos: Winter Olympics: Thursday, February 15 France's Pierre Vaultier, front, leads Australia's Jarryd Hughes during the final of snowboard cross. Vaultier won gold for the second straight Olympics. Hide Caption 27 of 28 Photos: Winter Olympics: Thursday, February 15 Vaultier celebrates his victory. Hide Caption 28 of 28

'New frontier'

Lawrence Baslaw, Bloemen's agent and president of Baslaw +Associates Inc., called the endorsement "a first for any athlete."

He added: "This is really a whole new frontier. It will be exciting to see how cryptocurrency can work for Ted-Jan, in particular, but also the impact it will have on the sport marketing industry as a whole."

Although Bloemen was born and raised in the Netherlands, he changed nationality during the 2014-15 season after he failed to make the Dutch speed skating team for the Sochi Olympics.

Photos: The gold medals from each Winter Olympics This is the back of the gold medal that will be awarded at the 2018 Winter Olympics in PyeongChang. Hide Caption 1 of 23 Photos: The gold medals from each Winter Olympics 2014: Sochi Hide Caption 2 of 23 Photos: The gold medals from each Winter Olympics 2010: Vancouver Hide Caption 3 of 23 Photos: The gold medals from each Winter Olympics 2006: Turin Hide Caption 4 of 23 Photos: The gold medals from each Winter Olympics 2002: Salt Lake City Hide Caption 5 of 23 Photos: The gold medals from each Winter Olympics 1998: Nagano Hide Caption 6 of 23 Photos: The gold medals from each Winter Olympics 1994: Lillehammer Hide Caption 7 of 23 Photos: The gold medals from each Winter Olympics 1992: Albertville Hide Caption 8 of 23 Photos: The gold medals from each Winter Olympics 1988: Calgary Hide Caption 9 of 23 Photos: The gold medals from each Winter Olympics 1984: Sarajevo Hide Caption 10 of 23 Photos: The gold medals from each Winter Olympics 1980: Lake Placid Hide Caption 11 of 23 Photos: The gold medals from each Winter Olympics 1976: Innsbruck Hide Caption 12 of 23 Photos: The gold medals from each Winter Olympics 1972: Sapporo Hide Caption 13 of 23 Photos: The gold medals from each Winter Olympics 1968: Grenoble Hide Caption 14 of 23 Photos: The gold medals from each Winter Olympics 1964: Innsbruck Hide Caption 15 of 23 Photos: The gold medals from each Winter Olympics 1960: Squaw Valley Hide Caption 16 of 23 Photos: The gold medals from each Winter Olympics 1956: Cortina Hide Caption 17 of 23 Photos: The gold medals from each Winter Olympics 1952: Oslo Hide Caption 18 of 23 Photos: The gold medals from each Winter Olympics 1948: St. Moritz Hide Caption 19 of 23 Photos: The gold medals from each Winter Olympics 1936: Garmisch-Partenkirchen Hide Caption 20 of 23 Photos: The gold medals from each Winter Olympics 1932: Lake Placid Hide Caption 21 of 23 Photos: The gold medals from each Winter Olympics 1928: St. Moritz Hide Caption 22 of 23 Photos: The gold medals from each Winter Olympics 1924: Chamonix Hide Caption 23 of 23

Controversy

Bloemen, whose father was born in New Brunswick, Canada, has blossomed while competing under the Canadian flag.

In November 2015, Bloemen set a new world record in the 10,000 meters, smashing the old record held by his former teammate from the Netherlands, Sven Kramer, by more than five seconds in Salt Lake City.

In December, he broke Kramer's 10-year-old 5,000m world record by 1.5 seconds, once again in Salt Lake City. After that race, he controversially took the label bearing Kramer's name and world record-mark off the wall of the arena and broke it into pieces.

At PyeongChang, the Dutchman finished sixth behind Bloemen in the 10,000m, but had previously bettered him in the 5,000m where Bloemen finished second.