HashCash Consultants plans to release the latest crypto asset promising turn a profit potential amongst the atrophying global economic system and coronavirus catastrophe.

On March 23, HashCash announced its upcoming "Corona Fund Index Cryptocurrency" (CFIX), which promises traders the opportunity to "earn profits even during corona-crisis induced deport marketplace."

The press release describes the cryptocurrency every bit being inversely correlated to the South&P 500 through "the backing of an inverse-exchange-traded fund (ETF)."

CFIX will be paired against Tether (USDT) and is slated for launch on April 2.

90% of CFIX earnings volition be donated to 'Corona Relief Fund'

The firm claims xc% of merchandise fees derived from CFIX volition be diverted to its Corona Relief Fund — which purports to donate to "various not-profits and organizations that are actively combating the global pandemic crisis."

As such, Hashcash's website states that the overall mission of the project is "to preclude the depletion of resource required for the development of advanced treatments, vaccines, and drugs."

The firm is accepting applications from non-profits, and does not appear to have the names of any partner charities listed on its website.

According to HashCash Consultants CEO, Raj Chowdhury, CFIX'due south development was motivated by the firm's "aim to provide fiscal aid to nonprofits and enquiry organizations battling the COVID-19 crisis."

"The ETF backing incentivizes CFIX, which benefits non just the traders but enables us to heighten more than funds for all who are afflicted by Novel Coronavirus, which is the ultimate goal of this initiative," Chowdhury added.

Controversial CoronaCoin promises profits as pandemic worsens

On February. 12, developers from 4Chan launched 'CoronaCoin' (NCOV) — an ERC-20 token with a supply respective to the earth's population that will undergo a burn every 48 hours based on the number of COVID-19 infections and fatalities.

Despite the claims of NCOV'due south developers, the price of CoronaCoin is down 83% in 30 days, and lost 20% from just $16,244 in book over the past 24 hours.

Cointelegraph reached out to HashCash Consultants and did non receive a response as of press time.