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Planning for the worst: Binance donates to fight Coronavirus, Coinbase reveals plan for remote work
The approach that cryptocurrency exchanges Binance and Coinbase are taking to the coronavirus is as different as night and day.
The approach that cryptocurrency exchanges Binance and Coinbase are taking to the coronavirus is as different as night and day. In fact, the contrast is so stark it highlights both companies’ core values to a tee. As Binance immediately donates 10mn RMB (approx $1.5mn) of medical supplies to help fight the virus, Coinbase reveals a three-step action plan to keep its business running.
Binance supports the people, pledges to fight the coronavirus
In a detailed post on the company’s blog, you can see exactly how Binance’s donation has been spent. So far, Binance Charity has successfully delivered thousands of medical supplies to people in need in multiple cities in China. These include 2,300 protective suits, 50,000 pairs of nitrile gloves, and 28,800 face masks. The post states:
“We have one common goal, to defeat the virus, and Binance will stand with the people in China and around the world. We support you, and we will fight together! We believe the hard times will soon be over, and humanity shall prevail in the end.”
The company hasn’t yet revealed how it plans to protect its workers. Although, based on some of CEO Changpeng Zhao (CZ)’s latest tweets, that policy wouldn’t involve containing any of the companies offices since it appears not to have any.
Office and HQ are old concepts like SMS and MMS. Time is moving on…
— CZ Binance ??? (@cz_binance) November 20, 2019
Coinbase lays out a plan preparing for a ‘wild ride’
Coinbase CEO Brian Armstrong’s response to the coronavirus has been decidedly different. There has been no mention of donations to the victims of the virus that has infected about 83,000 worldwide and claimed 2,800 lives through his charity GiveCrypto.org.
The company has, however, revealed how it plans to keep its operations running and protect its employees in the west where the virus will not likely spread so far.
“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.”
Part of the three-stage plan in response to the coronavirus spreading involves enhancing cleaning schedules in its offices and providing employees with a WFH policy. If things escalate to phase three in which “containment has failed” and the virus is everywhere, Coinbase is ready for a ‘wild ride.’ There will be no more snacks in the office and working from home will be mandatory.
Unlike Binance who feels that concepts like offices are outdated in today’s world, Coinbase has offices in the U.S., Japan, UK, and Ireland. Phase one of its plan is already in place for its Japan office. Employee travel is restricted to China, Hong Kong, Japan, South Korea, and Italy currently.
It’s good to know that Coinbase users will still be able to withdraw their crypto amid a global contagion. However, it’s of more comfort knowing that companies like Binance are out there taking active steps to help the world avoid one.