Coinbase prepares for coronavirus

The CEO of one of the largest Coinbase cryptocurrency exchanges, Brian Armstrong, said on his Twitter page that the site’s employees are preparing to confront the coronavirus epidemic. The company has developed emergency regulations that can be used by other organizations to stabilize production or provide services.

The document which he added on his Twitter page describes possible options for the development of events related to the spread of coronavirus, and the actions that must be taken in this situation. To preserve the life and health of the company’s personnel, Armstrong has already banned employees from holding meetings with customers in China and the surrounding areas. 

In addition, Armstrong urges employees to reduce or completely abandon any travel to China, as the most financial institutions advised its workers to do.

Coinbase executive also reports that this response plan has already been implemented in the Japanese office of the exchange, where the likelihood of coronavirus infection remains high. The company encourages the desire of employees to work from home and not visit crowded places.

How coronavirus affected the work of the other exchanges?

As Armstrong himself admitted, so far, the exchange is not experiencing specific difficulties caused by the coronavirus epidemic. In most offices, employees work normally.

Nevertheless, the events taking place in the world that are directly related to the spread of coronavirus, including a decrease in production in China and the general panic that has swept the countries from the West to Europe, make certain adjustments to the behaviour of cryptocurrencies.

For example, cryptoanalysts claim that Bitcoin has every chance of becoming a protective asset for investors because today, there is a decrease in the level of trust in global institutions.

The market shows a shift in investor interest from traditional investment assets, such as precious and non-ferrous metals, stocks, towards cryptocurrencies, which are less affected by the current situation.

However, if China continues to decline in production, then it is likely that Bitcoin itself will suffer. After all, experts have already stated that the supply of miners for mining cryptocurrencies is delayed due to the situation in China.