In response to the fears surrounding the incurable Coronavirus spread, the San-Francisco based cryptocurrency exchange Coinbase has released an extensive Coronavirus Plan on the 24th February 2020 that highlights the preventive measures the firm is prepared to take in case the situation worsens.
The deadly Coronavirus outbreak has had a widespread impact. From the much-anticipated release of the Chinese digital Yuan getting postponed, China disposing off large sums of cash to contain the virus spread to major cryptocurrency events in Asia getting called off, the world is indeed feeling the heat from this catastrophic outbreak.
Thus, it is only natural for companies to prepare themselves and their employees for the worst possible situation. Recently, Coinbase, the crypto firm that’s been in the news for expanding its presence and services across the US earlier this year, is stepping up its efforts to keep the Coronavirus spread under control.
In a document that was made publicly available, Coinbase CEO Brian Armstrong stated a three-phase escalation process to the COVID-19 outbreak, where the increasing number of contaminated population or deaths will result in triggering of the actions specified against each stage.
According to the document, the initial phase of the Coronavirus plan will take effect once there are over one hundred confirmed cases of person-to-person virus transfer. In this case, minor changes will take place in cleaning and sanitary measures, which include multiplying the frequency of intense cleaning and sanitizing of Coinbase offices and restricting the travel for employees, visitors, and clients as much as possible.
Phase 2 will be set off when there are one thousand more such cases like Phase 1 or when the government decides to impose quarantine-like situations, in which case, all travel to and from the office will be restricted, and facilities like meals on-site will take a hit.
The third and the worst comes to the worst scenario will be the failure to contain the Coronavirus spread. In this case, all Coinbase employees in the affected areas will be required to only work from home, with the possibility of relocating critical personnel outside the danger zone as all third-party services and suppliers will be unable to carry out the essential cleaning and purifying processes due to high absenteeism. The office area, essentially, will be under lockdown.
Besides implementing these preventive measures, Coinbase has also reduced the work-related travel for its employees drastically, especially to and from the virus-hit areas including most Southeast Asian countries, the US and Italy.
That said, the firm is positive that the least favorable phase, Phase 3, is not likely to be activated as the overall mortality rate has finally come under control. We believe that our employees are less vulnerable to the risks posed by the Coronavirus spread. Once the count of the virus transmission falls significantly with the limited number of infected cases in the west, things should go back to the near-normal state, the announcement stated.
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