Currently coronavirus pandemic is causing the worst global economic recession among all business sectors. Both traditional brands and crypto companies are replacing their high-profile ads with low budget posts to combat the rising pandemic. Crypto industry is taking on the social responsibility in a reality game which rewards players with cryptocurrency, is doing their part to promote social distancing among their user base.
The business model is based on the ability of their users to move freely and collect beacons. With many people on lockdown, they decided to implement this idea to help raise social awareness. The company’s goal is to donate to an important cause while promoting the beta test of their game at the same time. Other companies are doing their part as well. Rather than postpone the date of their conference, Crypto Asia Summit announced that they would be moving their event online. The summit invited speakers to contribute to the gathering.
Bitcoin plays a major role in payment sectors
Crypto adoption in the payment sector is increasing due to the COVID-19 outbreak. Among other things, it has encouraged Italy’s Banco Sella to launch a Bitcoin trading service to help facilitate international money transferring. Due to ‘Critical Security Vulnerability’ the developers behind the peer-to-peer cryptocurrency trading platform Bisq have temporarily disabled services after discovering a critical security vulnerability. Formerly known as Bitsquare, Bisq is a decentralized exchange (DEX) that facilitates crypto-to-fiat trades without a formal intermediary. The developers add that it is “especially important” for users not to send any funds if they are involved with any of the trades included in a provided list of specific multiset transactions.
The developers indicate that all existing trades cannot be completed until they release new version of the application. “Please hold tight,” they stressed, noting that due to Bisq’s security model, user funds are not at risk.
Blockchain Traceability Overtakes Payments Among Major Corporations
Multi-billion-dollar companies are more likely to use blockchain for traceability and provenance than for payments and settlement.
The now annual Blockchain 50 list was the biggest brands in the world who are using blockchain, each with annual revenue in excess of $1 billion in annual revenue. Research from some firms Block data, which incorporated its own data in the analysis, found that fifteen have solutions that tackle traceability and provenance, while some are using blockchain for payments and settlements.