Originated from the Wuhan City of China, the Coronavirus epidemic has spread widely outside China. This epidemic has not been yet contained and the number of affected people in China as well as outside the country is increasing rapidly. It has also impacted the cryptocurrency markets.
These fears of the Coronavirus epidemic have led the major cryptocurrency exchange Coinbase to take some useful measures to stop the spread of Coronavirus.
The CEO of the San-Francisco based cryptocurrency exchange Brian Armstrong has recently released a document according to which the Coinbase exchange is devising a plan for the coronavirus outbreak. This Coronavirus plan consists of some preventive measures that the exchange would take in case the situation gets worse.
Currently, the offices of Coinbase crypto exchange are in the U.S., the UK, Ireland, and Japan and therefore, the company has restricted its employees not to travel to China, Hong Kong, Japan, Italy, and South Korea for business purposes. While sharing the Coronavirus plan, Armstrong stated in the document:
“Our expectation is that the measured mortality rate (once low-severity cases are included in the overall count) will fall significantly and that we’ll see limited transmission in the west, where there will be fewer high density multi-generational housing situations.”
A three-phase escalation process to Coronavirus spread
According to the document, the Coronavirus plan of Coinbase involves a three-phase escalation process to the coronavirus spread. These phases will be implemented keeping in view the number of cases of individual-to-individual virus transfer.
The first phase or the initial phase will take effect when the number of confirmed cases reaches 100. In this phase, Coinbase will implement only minor measures. These minor changes include the more frequent cleansing of offices, restriction on travel of employees and visitors. Moreover, the employees are expected to work from home.
Coinbase will implement the second phase as soon as the number of confirmed cases increases to 1000. In this phase, employees will be stopped to go into the offices.
The third phase will take place when the situation gets extremely worst and the containment of Coronavirus gets failed. In this case, employees will be asked to work from home. There will be no third-party services and the cleaning process will be stopped for a specific period of time. There is the possibility of the lockdown of the office as well.