HashCash Consultants to Launch ‘Corona Fund Index Cryptocurrency’
HashCash claims that its corona token is inversely correlated to the S&P 500 through being backed by an inverse ETF
HashCash Consultants plans to release the latest crypto asset promising profit potential amid the atrophying global economy and coronavirus catastrophe.
On March 23, HashCash announced its upcoming “Corona Fund Index Cryptocurrency” (CFIX), which promises traders the opportunity to “earn profits even during corona-crisis induced bear market.”
The press release describes the cryptocurrency as being inversely correlated to the S&P 500 through “the backing of an inverse-exchange-traded fund (ETF).”
CFIX will be paired against Tether (USDT) and is slated for launch on April 2.
90% of CFIX earnings will be donated to ‘Corona Relief Fund’
The firm claims 90% of trade fees derived from CFIX will be diverted to its Corona Relief Fund — which purports to donate to “various non-profits and organizations that are actively combating the global pandemic crisis.”
As such, Hashcash’s website states that the overall mission of the project is “to prevent the depletion of resources required for the development of advanced treatments, vaccines, and drugs.”
The firm is accepting applications from non-profits, and does not appear to have the names of any partner charities listed on its website.
According to HashCash Consultants CEO, Raj Chowdhury, CFIX’s development was motivated by the firm’s “aim to provide financial aid to nonprofits and research organizations battling the COVID-19 crisis.”
“The ETF backing incentivizes CFIX, which benefits not only the traders but enables us to raise more funds for all who are affected by Novel Coronavirus, which is the ultimate goal of this initiative,” Chowdhury added.
Controversial CoronaCoin promises profits as pandemic worsens
On Feb. 12, developers from 4Chan launched ‘CoronaCoin’ (NCOV) — an ERC-20 token with a supply corresponding to the world’s population that will undergo a burn every 48 hours based on the number of COVID-19 infections and fatalities.
Despite the claims of NCOV’s developers, the price of CoronaCoin is down 83% in 30 days, and lost 20% from just $16,244 in volume over the past 24 hours.
Cointelegraph reached out to HashCash Consultants and did not receive a response as of press time.