On January 23, The Geneva based Anti-Coronavirus Foundation announced that it will raise funds among crypto enthusiasts for the further financing of a vaccine against coronavirus.

The outbreak of a new coronavirus in China has killed at least 17 people and infected more than 400, and the foundation feels there might be a risk of the virus spreading to several other countries. The foundation fears the new virus may resemble or even outpass damage brought on by the SARS virus, which affected thousands of people around the world and killed nearly 800 during the 2003 outbreak.

There is currently very little known about the virus, the way it spreads, its incubation period (which is believed to be about two weeks) and who is most at risk. For now, the coronavirus is as the pathogen behind a mysterious illness that had affected 59 people in Wuhan, a city of 11 million in central China

Yury Myshinskiy, co-founder and CEO of CryptOcean, will chair the new foundation. The Anti-Coronavirus Foundation intends to finance the first company or group of individuals to develop a working vaccine, available for mass production and use. The first task set by the creators of the foundation is to create a $30,000,000 reward pool to be given to a person or institution which creates a vaccine for the coronavirus.

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The foundation feels that it is important that all resources are mobilized to start financing of the laboratory work and clinical studies in as many medical and scientific institutions around the globe as possible to deliver the solution of the problem to be able to help the affected.

To ensure the transparency of its functioning, all transactions are to be handled in CRON blockchain, run by the firm CryptOcean under the supervision of the founding advisory board, which will be comprised of trusted and publicly recognized individuals. The foundation is registered in Switzerland, a country with high level of transparency and legislation for non-profit organizations

The blockchain platform will allow anyone to send funds to finance future research. Initially, developers are considering cryptocurrency donations, but, a Coinstelegram report referring to the official website of the project, suggests support for fiat donations will appear in the near future.

On the official website of the Anti-Coronavirus Foundation, the founders turn to pharmacological corporations, urging them to make every effort to solve the problem. The published message also urges prominent entrepreneurs, philanthropists and humanitarian organizations to help mobilize support for the affected.

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SOURCE Anti-Coronavirus Foundation