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GAINS Associates

COVID-19: How Crypto Companies Are Contributing to the Fight Against The Pandemic

The outbreak of the 2019 novel coronavirus caught the world unawares, with global superpowers now scrambling to catch up with it. The Chan-Zuckerberg Initiative has donated $25 million to the Bill & Melinda Gates Foundation-backed accelerator developing treatments to fight the novel coronavirus, while Jack Ma has also donated over a million PPEs and test kits to help fight the spread of the disease, among others. Cryptocurrency companies are not being left out, as they contribute in whatever way they can. In this article, we review what some companies in the crypto space are doing to help in the fight against the pandemic.

The novel coronavirus was first detected in late December of 2019. As of March 31, over 850,000 individuals had been infected by the disease. This has led to the IMF declaring that the world has entered a global recession. A series of cover-ups and blatant denials by world leaders has connived to give us the longest March in modern history. Bitcoin, considered by many as a safe-haven asset, was not left unscathed. The foremost cryptocurrency in the world fell below $4000, knocking off half of its value over two days, dragging other cryptocurrencies with it.

As the world joins together to help flatten the curve, we look at the contributions of the cryptoverse in the fight against the novel coronavirus.

Tron Foundation

Everybody’s favorite villain, Tron Foundation’s Justin Sun announced on February 12 that it was sending 1 million N95 masks to Wuhan at the peak of the crisis. Later that month, TRON’s native summit niTROn was delayed indefinitely due to the coronavirus.

Hedera Hashgraph

Hedera Hashgraph was involved in the fight in its early days. Acoer, a software development firm, designed a HashLog dashboard to allow people to understand the spread of the virus and trends over time. They did so by connecting their HashLoad, a secure file storage, and sharing solution, to Hedera Hashgraph to transparently demonstrate computational trust and data provenance.

Binance

The most profound contribution towards this fight has been from Binance. In January 2020, Binance launched the “Binance for Wuhan” project and committed to a donation of $10,000,000 RMB (~$1.4M) worth of medical supplies to support the battle against the virus in China. As of March 20, 2020, Binance Charity has delivered an assortment of PPEs, testing kits and disinfectants to over 300 hospitals and medical teams in multiple provinces/cities including Hubei, Sichuan, Guangxi and Shanghai.

On March 25, Binance decided to ramp up their efforts, announcing the Crypto Against COVID fund as part of the activities of Binance Charity. The charity arm of the leading cryptocurrency exchange in the world is looking to raise $5 million in cryptocurrencies (BNB, BTC, BUSD and XRP). This will be spent primarily on buying medical supplies for the countries worst affected by the virus, such as Italy, Germany, Spain, the Republic of Korea, Iran, Turkey, U.S., and the U.K. Binance will be leading this effort with an initial donation of $1 million, and commits to donating up to $2 million USD through the #CryptoAgainstCOVID social media campaign. The tweet has garnered less than 10,000 retweets, short of the 1,000,000 needed in 7 days for Binance to donate an extra $1,000,000.

In addition, Binance will match $1 million of public donations received. So far, crypto companies like Crypto.com, Ocean Protocol and Quantstamp have all made public donations.

SingularityNET and Ocean Protocol

Crypto companies SingularityNET and Ocean Protocol have pooled resources to support a COVID-19 hackathon initiative. The eight-week hackathon features four tracks including Data Privacy, Epidemiology & Medicine, Informational & Coping Tools, and Open Innovation.

Ripple Labs

The big names are not being left out with Ripple Labs, the entity behind the 3rd highest ranked cryptocurrency in terms of market cap, $XRP, is donating $200,000 to two different non-profits to help them amid the spread of the COVID-19.

Conclusion:

Several companies are contributing in their own way, some anonymously, that did not make this list. From the provision of credible information, donations and hackathons, the crypto community is doing all it can to help the world put this episode behind it. After all, we’ve got a bull run to return to.

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