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It’s Just a Phase: Coinbase Reveal Plan to Deal with Coronavirus

It’s Just a Phase: Coinbase Reveal Plan to Deal with Coronavirus
  • There are several news stories coming out every day for travel disruptions due to the emerging pandemic of the coronavirus.
  • However, when it comes to how cryptocurrency platforms are handling the virus, Coinbase is getting ready for the worst-case scenario.

There are several news stories coming out every day for travel disruptions due to the emerging pandemic of the coronavirus. Now it has spread to Italy, holiday goers are getting more and more worried that their summer will be ruined due to the virus. We have seen the impact of coronavirus on the world around us, as well as the cryptocurrency markets. The leading cryptocurrency has dropped over 4% in value over the last 24 hours after it was found that the virus spread to Italy. However, when it comes to how cryptocurrency platforms are handling the virus, Coinbase is getting ready for the worst-case scenario.

The CEO of the platform, Brian Armstrong published a document which claimed the company is preparing a four-tier escalation response to the virus. Each phase of the plan will be triggered by an increase in the number of people infected with the coronavirus or local governments in response to the quarantines that are close by to the company’s office(s).

Coinbase’s plans include smaller measures such as getting the cleaners in on a more regular basis in the office, as well as restricting visitors to only essential personnel only. Furthermore, employees are given the option to work from home due to the outbreak.

After the minor measures have been made, the second phase will kickstart. However, it will only go ahead when there are more than 1000 cases similar to those in the first phase (unless the government has imposed quarantine).

The third phase comes with a disclaimer though saying “Containment has failed, it’s going to be a wild ride.” Employees at the exchange will be required to work from home. In the third phase, offices will be essentially in lockdown.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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