The Italian Red Cross and several other concerned firms have partnered to launch a new fundraising medium to receive donations to combat Coronavirus.
According to the announcement, the Italian Red Cross, Young Platform, and the Colli Albani Committee are raising Bitcoin donations with the help of Helperbit.
The Italian Red Cross initiative can now receive BTC and other crypto donations to help fight the new COVID-19 strain. WHO recently declared the coronavirus outbreak a pandemic.
Every donation received from the new initiative will be used to set up a second-level advanced medical post. This will be for pre-triage of COVID-19 cases in Italy.
Also, the BTC donations are expected to hit €10,000, enabling the purchase of medical equipment to help combat the epidemic.
The BTC donations will be used to procure more beds and medical staff to take care of the growing number of new patients. Invariably helping the work of the Emergency Room and thus avoiding to expose the hospital staff to infection.
Bitcoin a tool in fighting pandemic
Helperbit, a blockchain startup that offers a platform for charities, explained that Bitcoin is a necessary tool to fight the coronavirus.
Bruno Pietrosanti, President of the Colli Albani Committee, also said: “We believe that an innovative fundraising tool like Bitcoin can help us find the necessary economic resources, that are very difficult to obtain in this historical moment.”
He added that his platform joins the initiative to play it part and ease the pressure on government hospitalizations. Mainly due to the high number of infected people recorded an increase in infected patients. Also the few numbers of available in spaces in Italian hospitals.
Young Platform’s CEO, Andrea Ferrero, said he joined the partnership because “I firmly believe that blockchain technology is more effective and transparent to support this kind of initiative.
“Young is a company whose goal is to create or exploit innovative models to improve existing procedures, and we will always be at the frontline in setting up projects like the one we are undertaking for the Red Cross” he added.
Notably, other crypto platforms are also giving their quota to help combat the spread of coronavirus. Binance recently pledged to donate 10 million Chinese Yuan to fight the recent outbreak of coronavirus.
Coronavirus affecting Bitcoin
With the increasing spread of the coronavirus, Bitcoin has fallen to its lowest level in nearly a year. Losing more than half of its value amid a major cryptocurrency panic sell-off.
Bitcoin, which was trading above $9,000 with news of the continuous spread of the disease dropped to nearly $4,000 on Friday morning following although series of flash crashes that began on Thursday. Other significant cryptocurrencies experienced similar losses, including Ethereum, XRP, and Bitcoin Cash.
Currently, the global death toll from the coronavirus stands at 5,000. While the global number of cases has surpassed 132,000, according to the WHO. Additionally, about 68,000 victims have recovered, according to Johns Hopkins University, which is tracking the virus.