'Crypto for COVID': Indian neobank aims to feed those affected by pandemic

U.K.-based crypto banking platform Cashaa is launching an initiative aimed at bringing crypto enthusiasts together to provide food supplies to those most affected by the COVID-19 pandemic.

According to an announcement from Cashaa on Tuesday, the platform’s "Crypto for COVID" plan involves building a community of crypto users who will give underprivileged families in India the food they need for a month. The firm's India arm Unicas is leading the on-ground initiative and has already helped more than 1,000 families in need. The program has also received support from crypto exchange KuCoin, who pledged to feed 2,000 families.

India recently experienced its worst spike in cases and deaths caused by the pandemic. On May 6, more than 414,000 people were estimated to have tested positive for COVID-19, according to data from the Center for Systems Science and Engineering at Johns Hopkins University. While daily cases have now dropped to under 300,000, more than 4,000 people are still dying every day as a direct result of the pandemic.

In addition, Cashaa CEO and founder Kumar Gaurav claimed that more than 12,000 people are dying from hunger daily due to “the havoc wreaked by the pandemic” — seemingly caused by infected or dead family members unable to help others, increasing poverty and disruptions to the country’s transportation system, preventing the food supply chain from reaching many rural communities. An estimated 189.2 million people in India were already undernourished before the virus hit the country.

“While COVID warriors are fighting the disease, a parallel action needs to be taken to catalyse the survival of the ones dealing with the issues that come along with this pandemic,” said Gaurav. “It is impossible for one organisation, or government to serve all. Hence, there will always be a need for one more initiative to make a little more difference, for the very survival of all.”

According to Gaurav, the initiative has already helped support families in the northern India state of Rajasthan, where more than 150 deaths due to COVID-19 are recorded daily, and recently expanded to the nearby state of Uttar Pradesh and the Nepal-bordering state of Bihar. The neobank hopes to feed 100,000 families as soon as possible.

Cointelegraph reached out to Cashaa for comment but did not receive a response at the time of publication.