As coronavirus spreads around the world, one cryptocurrency company plans to do something about it. HashCash Consultants, a group that “enables enterprises to move assets and settle payments across borders” utilizing blockchain technology, it launching a Corona Fund Index Cryptocurrency (CFIX) to help traders earn more during this current bear market, a release from the group notes.
Interestingly, the CFIX token is tied opposite the price of the S&P 500, meaning that as the market drops, traders can earn a profit.
The CEO of HashCash Consultants shared some thoughts on the matter, stating:
“The inception of CFIX was motivated by HashCash’s aim to provide financial aid to nonprofits and research organizations battling the COVID-19 crisis. The ETF backing incentivizes CFIX, which benefits not only the traders but enables us to raise more funds for all who are affected by Novel Coronavirus, which is the ultimate goal of this initiative.”
The asset is tied to Tether as well and will list on exchanges globally after it releases on April 2.
Coronavirus has spread all around the planet, causing both traditional markets and cryptocurrency prices to fall hard. Currently, the state of Bitcoin goes against what many considered it as: a safe-haven asset.
As the virus spreads more, it’s likely that groups involved in blockchain will use this emerging technology to help turn the tides.