New Roadmaps of Post-COVID Blockchain CompaniesColin Baseman
The market has been going through a number of transformations and reforms. All of them followed the pandemic caused by COVID-19. Almost 50% of planned conferences will be held later, once the pandemic passes. More than that, manufacturers having their businesses in China had to stop production.
Some employees have already moved online and are gaining new experiences and opening new opportunities to make their living. We now witness how the virus is reshaping crypto companies’ roadmaps. Without reshaping schedules it will not be possible to move ahead.
The very beginning of the global change takes roots in China. The national network based on blockchain principles started functioning in April.
In Russia the government cut back on the investment designated for the development of the mentioned technology. In New York almost all blockchain firms had to shut their offices.
Since the crisis made some office workers do their jobs from homes, Cyprus has experienced delays and significant slowdowns.
We should mention the fact that COVID-19 hasn’t affected the top twenty crypto projects. Experts say this became possible just because major updates are performed by the blockchain. Individuals that are involved in the processes work in a decentralized manner.
The positive news is that miners will celebrate the nearest Bitcoin halving event on the day it was planned. Cardano platform hasn’t suffered much either and its development is in process. Thanks to Shelley, the latest network update, users have been able to get rid of various bugs that bothered them in the last few months. The founders assured users and investors that the progress they have experienced is substantial. The pandemic and the consequences it may have brought to the world’s economy haven’t affected their projects.
Decreased Budgets and Workers
CipherTrace, Chainalysis, and Elliptic announced that they were forced to decrease their budgets as well as staff. Some haven’t done that yet, however, are planning.
Trustology’s employees left the company in April simply because it took most banks too long to switch to the crypto sphere. Marketing has gone through certain limitations – offline conferences will be postponed and canceled. Securitize is one of such companies. Luckily, they have managed to keep their stuff and haven’t lain off anyone. The latest events and lockdown have greatly affected Telos Foundation – they’re planning their budget ahead trying to focus on what matters most at the moment. Their main point is to avoid the negative consequences.
No Investments for Token Sales
Problems caused by COVID-19 excluded investments. Some tokensales are on hold. Projects tend to put off token deals for later dates. In most cases launch dates are indefinite. At present, the crisis dominates the current events and it may change everything in a way we cannot yet foresee.
Investors are not willing to act. They choose to conserve their cash, wait for the pandemic pass, and watch the landscape change. It is not safe to make investments when no one can predict how businesses will feel after COVID-19. However, there are exchanges like Bithumb Global that intend to launch their developments as initially planned.
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