Posted 1 year ago | by Ben Armstrong
Coinbase is Hit by Novel Coronavirus Outbreak
Major crypto exchange Coinbase has been put into a tough spot as the new strain of coronavirus sweeps across the globe. The exchange has restricted travel and established a four tier plan to deal with of the disease. Coinbase may be getting ready to deal with any fallout from the coronavirus outbreak and preparing for escalation of the potential pandemic.
According to a recent document from the company, Coinbase stated that its employees have been restricted travel to China, Hong Kong, Japan, Italy, and South Korea. The exchange also said that the company is currently working on a plan for several employees’ re-entry, who have traveled to the mentioned countries recently.
Coinbase has offices in the U.S., the UK, Ireland, and Japan.
Coinbase Sees Risk
Coinbase still believes that the risk of illness is low for their employees and "with a slightly elevated risk" to their Japan team. However, the company also called for the employees who are in the impacted areas to begin personal preparation in case the situation grows worse so they can take measures to protect themselves from the virus as much as possible.
The company created a four-tier escalation ladder for the response to changes of coronavirus epidemic and disclosed that it does not expect these negative outcomes in reality. Tiers range from 0 to 3, and a higher tier will be declared depending on "the number of community transmission events within a commuting radius of a Coinbase office."
At present, with the exception of the Japan office, all of the company’s offices are at tier 0. In the event of more than 100 people infected in the range of an office, work from home is encouraged and the company would create plans to move critical workflows to offices that are not impacted.
Tier 2 kicks in if more than 1,000 people are infected, and an office would be closed to non-essential personnel/activities/events, serving meals may stop in the impacted office and a visitor health screening program would likely be enacted.
In tier 3, more than 5,000 people would have to be infected, and an upward trend of infections would be observed. The office would be locked down entirely and all employees must work from home.
COVID-19 is Having a Major Impact
Coronavirus or COVID-19 type has raised its concern across the world. Originating in China's Wuhan region and is spreading in other countries, the virus has infected well over 80,000 people globally.
To limit the virus's ability to spread, several companies are already offering "contactless" business solutions by using blockchain. Japan's two largest biggest cryptocurrency exchanges (GMO Coin and TaoTao) have allowed employees to work from their homes.