The last week has seen numerous news outlets report on the growing worry of the coronavirus originating in Wuhan, China. As this virus threatens to go global, blockchain and cryptocurrency firms are now joining the fight to stop it.
Crypto and blockchain firms donate to stop coronavirus
For example, the cryptocurrency exchange Binance is pledging ten million Chinese yuan towards slowing the spread of the virus. This amounts to roughly $1.44 million, and could greatly help the containment effort – especially if it translates to action quickly.
On January 25th, the CEO of Binance, Changpeng Zhao, sent a tweet announcing the pledge. Although Zhao said that Binance had not done any previous official announcements, he also said the Binance team was hard at work.
This statement came in response to a Twitter user tagging Zhao to a local news article stating that authorities now accept crypto donations in fighting the coronavirus. It seems that Zhao sought to correct the Twitter users understanding that Binance was not already participating.
”For #Wuhan, [it is] not realistic to do crypto [donations] to end beneficiaries. Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims. We didn’t make any announcements. But [Binance Charity Foundation] BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally.”
Moreover, Zhao’s statement that it is not realistic to do cryptocurrency donations to end beneficiaries is understandable. As anyone familiar with pandemics – or players of the real-time strategy game Plague Inc – will know, time is of the essence.
Can anyone still stop the coronavirus?
Consequently, funds from cryptocurrency and blockchain firms could help slow the spread, but this is far from certain. Moreover, the chance that the spread of the coronavirus could be stopped or slowed increases the faster donations can translate into supplies and action.
Even if the coronavirus’ spread halts, there will likely be thousands of victims. As such, Binance’s donation could help ease the effects. Nevertheless, Binance is not the only firm participating in trying to stop the coronavirus.
A WeChat post from the blockchain marketing service firm Krypital on January 25th states that the firm is helping to acquire medical supplies for coronavirus victims. Moreover, Krypital also said that will create a blockchain-driven donation system – for greater efficiency and transparency.
This all comes as a recent viral video suggests that China may already have 90,000 victims of the coronavirus. According to the supposed whistleblower in the video, China is said to be covering up the true number of infections.
Moreover, the Chinese New Years holiday will see millions of Chinese take to the roads and travel. Experts are in agreement that this could significantly exacerbate the ongoing spread of the disease. No matter what, the funds and supplies from blockchain and crypto firms will no doubt prove useful.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.