It is stated that a protection fund will be established for Bitcoin and crypto money initiatives in the USA. With this fund, it is expected to support entrepreneurs and focus on the works.
Crypto money attempts will be protected with PPP
While large enterprises could protect themselves partially in the coronavirus epidemic, how little initiatives were affected during this period. In the USA, the Trump administration is launching a new study to support these initiatives.
It is stated that the main purpose of PPP, the Payroll Protection Program, is to prevent the layoffs of employees and to offer low interest loans. PPP targets small enterprises operating in the cryptocurrency sector, which had great difficulties, especially during the pandemic period. These initiatives are planned to be economically protected and will continue to work in the future.
Currently, there are many crypto money initiatives that are supported by PPP in the crypto money industry. ConsenSys, one of the Ethereum development companies, received support between $1-5 million, Tendermint $350,000 – $1 million, Ledger Holdings $150,000 – $300,000, and the cryptocurrency payment company Circle received $1-2 million.
Similarly, crypto money exchanges such as MyCrypto, MyEtherWallet, as well as crypto exchanges bitFlyer and Bittrex have also benefited from PPP. This strategy, followed by the USA and the Trump administration, is crucial for initiatives to survive.