U.S-based HashCash Consultants is planning to launch a Corona Fund Index that will allow profitable trade amid the global economy and coronavirus crisis.

According to the report, this upcoming crypto asset will be inversely backed by the S&P 500 market index. HashCash’s Corona Fund Index cryptocurrency, CFIX will enable traders to earn profits even at the time when the crypto market is crashing.

According to HashCash Consultants’ CEO, Raj Chowdhury the creation of CFIX was motivated by the company’s aim to provide financial assistance to non-profits and research organizations that are battling the coronavirus crisis. The backing of an inverse-exchange traded fund (ETF) incentivizes CFIX, which benefits not only the traders but also helps the company to raise more funds for other entities affected by the COVID-19. Chowdhury claims this is the ultimate goal of the CFIX initiative.

According to the report, HashCash Consultants claims that 90% of its CFIX sales will be diverted to its Corona Relief Fund. The proceeds will be donated to the various non-profits and organizations battling the COVID-19 pandemic crisis.

The company has stated on its website that the ultimate goal of the project is to prevent depletion of resources required for the development of advanced treatments, vaccines and drugs for the COVID-19

CFIX will be pegged to Tether (USDT), and is scheduled for launch on April 2. The coin is built on the blockchain platform due to the security and transparency that the technology offers. After its launch, the coin will be listed on major exchanges around the world so that it can be readily accessible to all traders.

HashCash Consultants is a global software company that produces blockchain-based products for enterprises to move assets and settle cross-border payments in real-time. It is the parent company behind U.S.-based digital asset exchange, PayBito and digital asset payment processor, BillBitcoins. The company also offers solutions for artificial intelligence (AI), Big Data and internet of things (IoT) through its product and services.