The emergence of COVID-19 has changed reality. However, crypto companies can offer their help in dealing with the crisis. How do crypto companies help against COVID-19?
Crypto companies vs. COVID-19
Starting with one of the largest crypto companies, CoinMarketCap lays out three ways through which crypto companies can help deal with the Coronavirus which we will summarize here:
1. The computing power is fundamental
The fundamental problem with COVID-19 is its speed of propagation and how little professionals really know about it. Consequently, from day one, health professionals have devoted much of their time to research.
We need to know more about the virus to know how to fight it and prevent its spread. Therefore, a fundamental part is to improve the tools available for research.
This is where crypto companies come in, since they can contribute by offering their computing power to researchers and facilitating the task.
The CoinMarketCap post mentions just a few firms that contribute to the cause. Among them is CoreWeave, who has decided to offer its 6,000 units of GPUs to the research group at Stanford University.
The previous research seeks to create a computer network dedicated to finding a treatment for the virus through simulations of its proteins. Therefore, the group can use the processors to perform calculations in simulations of the virus and assess how it reacts under different circumstances.
2. Crypto companies contribute to work from home
The virus not only presented a challenge in terms of public health, it has also caused thousands of people to become unemployed in such a critical situation.
At the moment, the best measures to combat the Coronavirus is social isolation. Then causing people to be locked in their homes. This has been a major blow to the economy and to companies that cannot bear payroll payments without receiving income.
As many already know, crypto works through a decentralized network that allows access from anywhere. Consequently, many crypto companies previously adopted a remote working model.
Among a variety of examples we can mention Binance, the most important crypto exchange, which claims to have a lot of experience in this matter.
Consequently, people who have become unemployed could seek employment with crypto firms that have already incorporated a work-from-home system.
However, companies could also use crypto firms as an example to employ such a work model. Blockchain technology is precisely a tool that helps to collaborate through the Internet with greater security and ease.
3. Raising funds for the cause has never been so easy
The situation in which the world finds itself is delicate and, consequently, many organizations dedicated to fighting the virus are left without resources. The best way we can help is: Avoiding the spread and offering donations within our means.
Making a donation can be a somewhat cumbersome process, although with cryptocurrencies that is left behind.
Many crypto companies have noticed precisely this basic characteristic of cryptocurrencies: Frictionless transactions and from anywhere!
In fact, CoinMarketCap mentions the case of the Italian Red Cross, one of the countries most affected by the pandemic. The organization announced a Bitcoin (BTC) -based fundraiser with the goal of establishing a medical center for COVID-19 patients.
Cryptocurrencies reduce transaction costs so much that in just three days, the organization managed to raise approximately $ 11,000. However, that number did not stop there but continued to grow.
Obviously this is not the only example. Binance Charity recently launched the “Crypto Against COVID” campaign, which, at the time of writing, has received 61 donations totaling 392.12 BTC.
Let’s do some calculations: If we take the price of BTC at $ 6,774, it would give us a total of approximately $ 2.66 billion donated.
Of this total, 65.16 BTC has already been assigned, that is, 441 thousand dollars. The crypto exchange ensures that donations can be made through BNB, BTC, BUSD, and XRP.
In this way, we can see that crypto companies help in this battle against COVID-19.