With the increasingly rapid spread of the COVID-19 outbreak, business and cashflow have stagnated across the globe due to the lack of productivity in the manufacturing Mecca that is China. One segment of the fintech industry that seems o making the most of the situation however appears to be in the cryptocurrency arena.
But not in the traditional sense however, a bunch of cryptocurrency developers have created CoronaCoin, a new digital coin currency that trades based on how many people get infected with the virus.
The supply of the coin diminishes every two days based on the number of people infected and/or killed by the virus – suggesting that the price of the coin could increase the more victims COVID-19 claims.
This, of course seems morally grey, but the developers told Reuters that around 20% of the supply of the digital coins will be allocated for donation to the Red Cross on a monthly basis. On their website, it says this is charity, but it doesn’t make the whole thing less tactless.
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