Every day there are new stories about travel disruptions and cancellations of public meetings in Asia due to the COVID-19 virus threat, aka the coronavirus. Currency crypto and traditional markets have also suffered, and Bitcoin has fallen by 3% in value due to the detection of the virus in Italy. As regards cryptographic exchanges dealing with the spread of the virus, Coinbase is preparing for a worst case scenario.
According to a document made public by Director General Brian Armstrong, Coinbase is preparing a four-stage response to COVID-19. Each phase of the plan will be triggered by an increase in the number of people infected with the coronavirus or by local authorities reacting with quarantine in close proximity to Coinbase offices.
After more than 100 cases of 'human-to-human transmission of the virus', Phase 1 starts. Coinbase's plan includes minor measures such as increasing the frequency of cleaning the offices and limiting 'office visitors to necessary staff only'. However, it also gives employees the opportunity to work from home.
The second phase will be implemented when there are 1000 cases similar to those in phase 1, or when some form of quarantine imposed by the government is implemented. It escalates the reaction of Coinbase by keeping all visitors in their offices and no longer offering meals on site.
In the third phase, however, there is an objection: "Quarantine has failed, it will be a crazy ride." Coinbase employees would be required to work from home and third party cleaning and snack services in the offices would most likely not be available for an indefinite period. The offices would generally be locked.
The cryptographic exchange has offices in the United States, Japan, Ireland and the United Kingdom. Phase 1 response is currently being implemented for their Japanese office.
When the document was issued, Coinbase limited the business travel of its employees to China, Hong Kong, Italy, Japan and South Korea. Despite these measures, Armstrong remains convinced that "the risk from the coronavirus COVID-2019 for most employees is low".
This is not the first problem faced by Coinbase. In June 2019, the cryptic currency trading platform crashed, causing the price of Bitcoin to drop by $1400.
