#CryptoAgainstCOVID: Exchanges and Digital Asset Firms Unite to Fight Coronavirus

The spread of coronavirus not only affects the patients, but also medical staff and hospitals, unemployed individuals, and municipal corporations working to sanitize affected areas.

The cryptocurrency industry is also coming together under the #CryptoAgainstCOVID hashtag to mark their contributions. World’s leading exchange, Binance will contribute $1 million in medical supplies to be shipped globally. According to an update from their CEO, Changpeng Zhao,

@BinanceBCF #CryptoAgainstCOVID
So far $2,400,000 USD donated by Binance
Donate $1M today ourselves, and add the other $1M to donation matching
Nearly $200,000 donated through the BCF site
You donate, $10 and we will match it with a $20 donation

Digital Asset Management firm, Arrington XRP Capital donated around $10,000 (with 55,000 XRP) to the support Binance’s charitable efforts. Jared Winn, the Senior Vice-President of Binance Charity, tweeted,

34 companies have joined the #CryptoAgainstCOVID alliance!! Let’s show the world what crypto is made of. #Unity

Along with it, he also implores other businesses in the crypto and blockchain space to contribute to the program. Huobi Global, another leading crypto exchange in the space, based out of Singapore has pledged $50,000 to the cause.

Another Blockchain-based project – BABB (Bank Account Based Blockchain) is allowing companies to create a fundraiser on the BABB platform. The platform uses its native cryptocurrency, BAX to achieve global reach.

Nevertheless, there are also some phishing attempts by entities who are using it as an excuse to raise money for themselves. One must be wary of these attempts in order to make sure their donations reach the ones in need.

The pandemic spread has cost the world more than the health and lives of the individuals who are affected by it. The global economy has been pushed to a recession, lockdown across the world has halted business, and unemployment claims are soaring through the roof. Balaji N. Srinivasan, an economist tracking the spread and General Partner at Andreessen Horowitz, notes,

Even if the virus did vanish in a puff of smoke and everyone went “back to work”, the behavior of billions of people and every country has been permanently changed.

Demand won’t quickly come back, borders won’t easily reopen, international relations won’t be the same.

How do you plan to join the fight against coronavirus? Please share your ideas with with us.