Blockchain Firm HashCash Consultants Plans Inverse ETF ‘CFIX’ Tied To Coronavirus Outbreak
Blockchain firm, HashCash Consultants is set to launch a new crypto asset with a promise of potential profit despite the ongoing turbulent times in the financial market.
HashCash announced on Mar. 23 of its latest inverse ETF dubbed Corona Fund Index Cryptocurrency (CFIX) where traders will have an opportunity to gain profits at the current corona-driven bear market.
As per the press release, the new offering will be inversely linked to the S&P 500. In other words when the S&P 500 loses value the new offering gains its value. This will be achieved through holding different assets as well as derivatives to acquire an inverse exposure as well as create profits after the underlying index drops.
The new CFIX is set to be paired against the USDT and will be rolled on April 2.
According to the press statement, about 90% of the fees collected from CFIX is set to be used on Corona relief efforts. The firm will divert this money to its Corona Relief Fund where it is donating to organizations that are actively fighting the Corona crisis.
HashCash states that the new project aims at ensuring that the requisite resources essential in the development of vaccines, treatments, and drugs for the Corona pandemic does not get depleted.
The firm also revealed that not-for-profit organizations can apply. However, it did not reveal the names of partners or charities it is currently funding.
Raj Chowdhury, HashCash CEO, explained that the development of CFIX is in tandem with the startup’s aim of offering financial help to nonprofits as well as research organizations fighting the Coronavirus crisis across the globe. He stated:
“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.”
HashCash is not the first firm to launch such an initiative. 4Chain introduced the CoronaCoin (NCOV), which is an ERC-20 token which has a supply equivalent to the global population, on Feb. 12.