Categories: Coronavirus News

Crypto Industry Comes to Rescue as Battle Against Coronavirus Continues to Rage

The world today is struggling to contain the harmful effect of Coronavirus. This highly contagious disease has wreaked havoc not only in terms of scores of people it is killing but also the devastating impact it has on the global economy. Factories are shut, production facilities stalled, and the world has literally come to a standstill. Most of the Nations have put restrictions on the movement of people as countries are resorting to harsh measures of lockdown to stop further spread of the virus.

Amidst these challenging times, we are witnessing the spirit of belongingness and togetherness. Especially from the corporate sector, companies are coming forward and donating a large amount of money to help fight the spread of the Coronavirus. The cryptocurrency industry is playing its part too and of late, we have witnessed a number of announcements from the crypto universe aimed to help societies fight COVID-19.

Contributions from Crypto Companies

Bitfury, a leading name in the blockchain industry, has come forward and reassigned its computing power to Washington University. The university is working on a project called “Folding at Home,” which is primarily designed to ask users to donate their computing powers in order to aid agencies to conduct research on the Coronavirus. This is significant as Bitfury has a comprehensive capacity computing platform that it uses in managing cryptocurrency transactions. The results of this specific project are available in the public domain, and any organization involved in the research to find a vaccine against Coronavirus can use the data in order to further their investigation.

Another important contribution has come from the blockchain-based charity platform, Binance Charity, which is looking to raise around $5 million in digital coins. This amount will be used in order to purchase medical supplies and equipment for some of the worst corona-affected countries in the world, such as Italy, the USA, the UK, and South Korea, among others. Tron has also done its part as the foundation quickly sent a shipment full of medical supplies and equipment to China at the very outset of the coronavirus outbreak in Wuhan.

One of the few operational cryptocurrency exchanges in India, WazirX, has come out with an interesting initiative where it is asking netizens to retweet hashtag #CryptoFightsCorona. For every retweet, the company will donate 10 INR to Prime Minister Relief Fund – an emergency care fund that has been established with a motive to help Indian people during emergency situations. The American technology company, Ripple Labs, has also announced that it is going to aid in the battle against Coronavirus by contributing a sum of $200,000. This amount will be divided into two parts – one half will go to the Tipping point community emergency response fund while the other will become part of the Silicon Valley COVID regional response fund.

Conclusion

It is heartening to witness a large amount of support and contribution coming from the Crypto industry in these challenging times. This will help the industry to position itself as one of the mainstream economic forces on the global forum as people are recognizing that crypto organizations are very well aware of their social responsibilities and ready to work shoulder to shoulder with governments to help societies overcome this testing time without being broke. If you are in the quarantine or following the directive of lockdown, then you can easily utilize your time to make money through Bitcoin Trader. This automated Bitcoin trading software will help you to invest in Bitcoin and its easy-to-use interface will make sure that you can navigate through all its features without any difficulty. So, go ahead and start investing in Bitcoin and earn handsome rewards from the comfort of your home.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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