US-based blockchain firm HashCash Consultants has announced that they will be releasing a new cryptocurrency called CFIX to be listed under PayBito. The inverse fund is an index ETF that gains value whenever its counterpart index (S&P 500) loses value.
Launching this April 2, HashCash has announced that its upcoming virtual currency, “Corona Fund Index Cryptocurrency” (CFIX) will be available for trading at leading US-based crypto exchange PayBito.
— HashCash Consultants (@HashCashAdmin) March 20, 2020
Raj Chowdhury, CEO of HashCash Consultants, also praises PayBito as “just the right fit” for their new initiative:
“PayBito has shown consistent growth in trading volume and has gained credibility among traders as one of the leading USA exchanges. So, when we decided to launch our brand new crypto CFIX, PayBito felt like just the right fit, giving CFIX good reliability and exposure.”
A divergent cryptocurrency aimed at charity
Chowdhury commented that the inception of CFIX was inspired by the company’s aim to help non-profit and research organizations involved in the COVID-19 health crisis.
The firm promises that 90% of its trade fees will be donated to non-profit organizations that are helping in combating the coronavirus.
As HashCash mentions on their website:
“The goal is to prevent the depletion of resources required for the development of advanced treatments, vaccines, and drugs.”
He further states that the ETF backing “incentivizes” CFIX and will subsequently benefit crypto traders while enabling the company to raise funds for charity.
The charity, he emphasizes, will also act as a “relief fund” to support affected workers in the United States amid the coronavirus-induced economic crisis.
ETF to benefit from current coronavirus bear market
HashCash promotes that CFIX will be paired with Tether (USDT) and will allow traders to gain profits from the corona-induced bear market given by the S&P 500.
As such, the proposed ETF can be a beneficial tool for short-term trading. Investors may also be able to capitalize on market volatility.
The firm further promises value reserve updates regularly to maintain trust with the traders. They also claim CFIX to be highly scalable and can conduct settlements in realtime.
A cryptocoin focused on U.S. market volatility over death
This is not the first time, however, that a cryptocurrency of this kind is introduced. Last February, developers from 4chan created something similar called a CoronaCoin, a token built on Ethereum.
It tracks infections and deaths from COVID-19 around the world and deflates in value accordingly. Total supply is based on the world population and the token will be burnt once every 48 hours based on the number of infected and fatalities, so the token is deflationary and also non-mintable.
The nature of this controversial coin is that whenever someone dies of the coronavirus, its value rises. This kind of fundraising approach led to a backlash from a number of users on Reddit.