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Crypto firms join hands to fight coronavirus pandemic

Crypto firms

Many crypto firms likewise, other organizations from the tech sector, finance, etc. have joined forces to fight the raging pandemic, for humane intentions as well as many other reasons.

Crypto firms support #CryptoAgainstCOVID

The virus has not stopped at ravaging only patients but also medical staff, health workers, hospitals, etc. As at the time of writing, the total number of coronavirus cases in the world is 1,153,016, with 61,628 deaths and 240,120 recovered cases. The entire active case remains at 851,268.

With these high figures, it has forced crypto firms to unite under the #CryptoAgainstCOVID hashtag to collect donations. Global exchange firm, Binance will be contributing around $1 million in medical supplies to be shipped directly to hospitals globally.

According to Changpeng Zhao, Binance CEO, in an ask me anything session, he said that Binance has dedicated no lesser than $2 million in crypto to get supplies necessary to fight the pandemic.

Arrington XRP Capital, a digital asset management firm, also joined the fight donating $10,000 in crypto, according to Jared Winn, senior vice-president of charity at Binance via Twitter.

He further urged other crypto firms and blockchain firms to support the charity. Huobi Global, another crypto exchange, also pledged $50,000 to fight the coronavirus pandemic.

Bank Account Based Blockchain (BABB), another blockchain-based project, also is enabling firms to create a fundraiser on its platform using its indigenous crypto, BAX, to achieve global reach.

Need for crypto firms donations

With how far and wide coronavirus has spread, people who fall sick of COVID-19 are brought to the shores of death if not rammed early enough.

The virus has plunged the global economy to a recession, lead to unemployment of many and shut down businesses across the world. Reportedly, an economist, tracking the spread of the virus, has hinted that even after the virus is defeated and the world returns to normal, it has changed how people behave and countries have changed permanently. Demand would take time to rise, borders won’t easily open, and international relations would not be as it used to be.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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