The work-at-home system allows maintaining activity on cryptocurrency exchange platforms. The companies seek to reduce the movement of people and increase the protection of their staff’s health.
Brazilian cryptocurrency exchanges are changing their way of working during this period of the coronavirus pandemic. Officials are moving their routines from an office divided into cubicles to their own homes (home office). In this way, these companies ensure that their activities will not be interrupted.
The Brazilian exchange, Mercado Bitcoin, based in São Paulo, has followed the recommendations of the health authorities to contain the spread of the virus. The exchange reported that all its officials have been working at home since last March 17th, but there is still no provision for them to return to work in person.
Foxbit also stated, through its press office, that all its employees started to work at home last March 16th. Through a note, the company said that this would be a preventive action to reduce the circulation of people, and thus avoid the proliferation of the coronavirus.
According to Foxbit, which also operates in the capital of São Paulo, this measure will not prevent it from continuing its activities in the market. They said that they are working hard to affect their customers as little as possible.
Preparing for Coronavirus
For its part, BitcoinTrade took the same measure as Mercado Bitcoin and Foxbit the week before. Daniel Coquieri, CEO of the company, stated that all its employees have been working in the home office since last March 12th.
The company, with its headquarters in Miami and offices in São Paulo, Belo Horizonte, and Canada, has adopted the work-at-home system for all its locations. According to Coquieri, this process was not complicated since BitcoinTrade had already adopted this system for some cases before.
Foxbit said that they “have everything in the cloud” so that their employees can access their work and do it from any place in the world. As a security measure, the employees cannot access the company’s most confidential data from outside, but those who feel comfortable with it can walk.
From Belo Horizonte, the capital of Minas Gerais, the cryptocurrency exchange Coinext said that it had adopted remote work since March 17th. The company’s press office said that they already used some internal tools to optimize communication and work. They explained that the only thing that changed was the physical environment, but that the rest is still normal.
Coronavirus and Economy
After the outbreak of the coronavirus, the main crypto asset in the market has suffered a big drop. On March 12th, Bitcoin fell by 50% in one day, leading to a series of questions about whether it was “digital gold” indeed.
However, Coquieri stated that the pandemic has not only affected the cryptocurrency sector, but also the entire market. In other words, he believes that this health crisis is affecting the market in general. He said that it may take a few months before the situation calms down and that there will still be price volatility for some more weeks.
According to the ecosystem entrepreneur, the global crisis that the pandemic caused has also affected both stock exchanges and gold. On the same day that Bitcoin plummeted, gold, which had risen by 12% this year, delivered half of the profits and started to trade in the USD 1,600 range.
By Alexander Salazar