How Cryptocurrency Firms are Navigating the COVID-19 Challenge

Navigating Uncertainty in the Crypto World

In just one week after unveiling a plan to combat the spread of coronavirus, Coinbase CEO Brian Armstrong took to Twitter to inform his 300,000+ followers that the company is directing employees to start working from home.

Remote Work as a Temporary Solution

As Armstrong shared in his tweet on March 2, this proactive measure is a response to the first reported instances of community transmission in areas near Coinbase’s Portland and San Francisco offices. Cases are popping up in Chicago and New York, proving that even the digital economy can’t dodge the viral bullet. Let’s face it, no remote work plan is a silver bullet against a pandemic, but it’s certainly a start!

Travel Restrictions Galore

Coinbase is not taking any chances with the health of its employees. The firm has imposed restrictions on business travel, particularly to high-risk countries like China, Italy, and South Korea, while recommending employees avoid personal travel, especially internationally.

• Work from home for at-risk employees
• Avoid international travel
• Business travel to high-risk countries suspended

Messari Takes Action

Ryan Selkis, founder of Messari, echoes Armstrong’s sentiments. Announcing plans for an indefinite shift to remote work, Selkis explained on the company’s website that although the team is healthy, not acting would be irresponsible in the face of a potential public health crisis. He called it a necessary way to contribute to the larger fight against COVID-19.

Meeting Cancellations and Public Health

Much like their counterparts at Coinbase, Messari will cancel most business trips through the end of Q2, with the only exception being a conference in Washington DC — assuming it doesn’t cross paths with the pandemic. Selkis even speculated on the fate of upcoming events, like the Bitcoin 2020 Conference scheduled for March 27-28 in San Francisco, hinting that it might go the way of those tattered plans we made last year before everything changed.

The Ripple Effect on Global Markets

Now, if you thought this virus is just about coughs and fevers, think again! Equities markets are feeling the burn with significant drops in places like Italy as investors hold their breath, fearing economic fallout. But cryptocurrency? Oh, it’s riding the emotional rollercoaster. Bitcoin, for instance, staggered to drop below a critical threshold of $9,400 in February, as investors’ nerves synced with the panic.

Concluding Thoughts

As the world wrestles with a pandemic, businesses, particularly in the tech and crypto sectors, are following suit by embracing remote work and cautioning travel plans. Adapting to this new normal may feel like a digital leap into the unknown, but it could also be a step towards a more flexible, resilient workforce akin to the future we’ve all been dreaming about — just a lot sooner than we expected. Stay safe out there!