The coronavirus pandemic is causing the worst global economic recession among all business sectors since 1929. Advertising and marketing budgets alone could see a $3 billion loss in 2020.
Both traditional brands and crypto companies are replacing their high profile ads with low budget posts in an effort to combat the rising pandemic.
Crypto industry is taking on the social responsibility
Triffic, a free augmented reality game which rewards players with cryptocurrency, is doing their part to promote social distancing among their user base. On March 26, the startup announced on twitter that beta users can now collect limited indoor special items, such as toilet rolls, hand sanitizers, and facemasks. By participating, users could help raise money to help fight COVID-19. The company explained that:
“Triffic is raising up to $10,000 for COVID-19 Response by donating GPSTokens every time a beta user collects an AugmentedReality, toilet roll, hand sanitizer or #facemask.”
Triffic told Cointelegraph that its 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 as a way 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. The team added that:
“Who wouldn’t want to collect virtual toilet papers instead of Pokemons, right?”
Public health officials have recommended social distancing as a way to slow the spread of the coronavirus. So far, these efforts have been successful in countries such as China and South Korea where the virus first occurred.
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 30 plus speakers to contribute to the gathering. Each speaker will have their own page for people to access online.
Bitcoin plays a major role in helping payment sectors
As Cointelegraph reported previously, 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.
