The Italian Red Cross is working with several firms to launch a fundraising mechanism that will allow it to accept Bitcoin donations to fight the Coronavirus. According to the official announcement, the Italian Red Cross is working with the Young Platform and Colli Albani Committee to raise BTC with help from Helperbit. They have posted a link to their BTC address on the site. 

Red Cross is Now Accepting BTC

Italy has been hard hit by the coronavirus with many citizens succumbing to the virus. Recently, the WHO declared the COVID-19 outbreak a pandemic. Each donation that they receive will be used for the building of a second-level advanced medical facility.

The organization expects BTC donations to reach €10,000, which will enable them to buy medical equipment needed to fight COVID-19. These donations will be used for the purchase of beds and hiring more medical staff to take care of the patients. It will help the Emergency Room remain operational, thus avoiding exposure of hospital staff to the virus.

Bitcoin is Fighting COVID-19

Helperbit, which is a blockchain firm that offers a platform for charities to raise funds, said that BTC was an important tool in fighting the virus. The head of the Colli Albani Committee, Bruno Pietrosanti, said that they believed the innovativeness of using BTC would help them get the economic resources needed, which were hard to acquire in this time of crisis.

He added that his platform had joined the initiative to help in alleviating the pressure that the government was experiencing in handling COVID-19 patients. This is mainly due to the high number of patients infected with the virus. Besides that, there is very little capacity in Italian hospitals.

The CEO of Young Platform, Andrea Ferrero, said that he joined the initiative due to his firm belief that the blockchain was an effective and transparent solution for supporting such an initiative. He added that Young was a company that creates or exploits innovative models that will help to improve the existing system. He said that the company would always be at the frontline of setting up projects such as the one they were doing for the Red Cross.

Many firms in the crypto sector are engaged in activities to combat COVID-19. Recently, Binance pledged 10 Million Yuan to combat COVID-19. Huobi recently launched Huobi Charity to help fight COVID-19 by giving aid to victims of the virus. Phemex also recently donated 10,000 masks to those living in Wuhan.

The Effects of COVID-10 on the Crypto Market

As COVID-19 spreads around the world, the value of BTC has fallen to its lowest in almost a year. It lost over half of its value due to panic selling. When COVID-19 first broke out, BTC was trading at around $9000. However, it has since fallen, at one time reaching a low of $4,100. Other coins have experienced major losses.

The death toll from the virus currently stands at around 6000 people. Those infected have reached over 132,000 according to data from WHO. According to John Hopkins Hospital, which is tracking the virus, around 68,000 have recovered.

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