Coinbase And Coronavirus: Here’s The Exchange’s Plan To Fight COVID-19
Coronavirus became a serious global matter that is already affecting the economy at a massive scale, and it will continue to do more damage, that’s for sure.
Experts are waiting for the coming of spring because it’s believed that higher temperatures will slow down the virus based on other precedents.
Meanwhile, there are various stories about travel disruption due to the coronavirus.
After it spread in Italy and Greece, a lot of holiday goers are terrified that their summer will be ruined due to the crisis triggered by the new virus.
Coronavirus and the crypto market
The impact of the coronavirus can be seen everywhere and also in the crypto market.
At the moment of writing this article, BTC is down a lot since yesterday and all the coins are trading in the red.
Bitcoin is trading around $8,800 at the time of writing this article.
Coinbase is now getting ready for the worst-case scenario, according to the online publication CryptoDaily.
Brian Armstrong published a document that claimed the company is preparing an escalation response to the virus.
Coinbase’s plan to fight the virus
Each phase will be triggered by the increase in the number of infected people and the quarantines.
In the first phase, there will be taken minor measures such as getting cleaners in on a more regular basis in the office as well as restricting visitors. Also, due to the outbreak, employees can work from home.
After these measures are taken, the second phase will start, and this will go ahead when there are more than 1000 cases similar to the ones in the first phase.
The third phase involves the relocation of the personnel and more actions.
We recommend that you head over to the original note released by Coinbase in order to learn more about these phases and all the measures that the exchange prepares.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.