People are using cryptocurrencies to help fight the global pandemic that is a coronavirus. Cryptocurrencies companies are playing their part in fighting this nightmare by providing aids to hospitals, countries as well as individuals suffering from COVID-19. Some of the coronavirus relief initiatives involving cryptocurrencies include Red Cross Bitcoin fundraiser and The coronavirus relief campaign.
Some of the cryptocurrency Aid Programs that have been launched to combat the COVID-19 outbreak include the following.
Corona fund index cryptocurrency (CFIX)
This is another example of a cryptocurrency relief initiative involving cryptocurrency to help nations and individuals affected directly by the coronavirus. It was launched by Hashcash Consultants, which is a global software company. They claim to add 90% of their trading fees will go to the company’s Corona Relief Fund. The proceeds are then donated to nonprofits actively battling the cover-19 crisis.
The company is concerned by the possible depletion of resources required for the development of advanced treatments, vaccines, and drugs. They are also raising funds to help nonprofits and research organizations fighting the disease.
Coronavirus relief campaign by Binance
As several countries struggle to come up with an appropriate aid package or a coronavirus relief bill with the spike in COVID-19 cases. Binance, a Blockchain-powered charity donation platform, initiated a $5 million coronavirus relief campaign on Wednesday. At present, its ‘Crypto Against COVID’ campaign has received over 50 donations amounting to a total of 200 Bitcoin.
A wallet has been set up that accepts multiple cryptocurrencies. Binance explained that it will make an upfront donation of $1 million BUSD, which will then be converted to fiat money and used to purchase supplies to be sent to hospitals in affected countries.
The charity is urging people to make a difference through their donations to help fight coronavirus starting in countries that had been most affected such as Italy, the USA, China, Spain, and Germany. They have delivered coronavirus aid products to over 400 hospitals, in provinces such as Hubei, Sichuan, Shanghai, and Guangxi. The items include pairs of gloves, masks, sterilizers, barrels of disinfectant, bottles of hand sanitizers, testing kits, protective suits, pairs of goggles, oxygen concentrators and germicidal lamps.
Italian Red Cross Bitcoin Fundraiser
Italy has been heavily hit by the coronavirus outbreak. The Italian Red Cross Bitcoin Fundraiser was created to handle coronavirus. The funds raised are used to purchase the core infrastructure and medical equipment for the project. The surplus is used to provide medical staff with the personal protection they need. People have supported this donation platform wholeheartedly even surpassing its original target.
They aim to ease the pressure in hospitals as the number of infected people keeps multiplying thus straining the available facilities and resources.