Crypto-based emergency app Guardian Circle has seen an enormous surge in month-to-month downloads as a result of coronavirus disaster.Based on fig
Crypto-based emergency app Guardian Circle has seen an enormous surge in month-to-month downloads as a result of coronavirus disaster.
Based on figures equipped by the venture to Cointelegraph, greater than 5150 new customers downloaded the app in March. That represents month-to-month development of 2582% for the three 12 months previous app, which had struggled to draw consideration in peacetime. In January, a little bit over 300 new customers signed up.
However whereas the present disaster has seen the app’s reputation improve, it’s additionally threatening the venture’s future.
What’s Guardian Circle?
The official web site explains the app helps create a micro-economy round an emergency response in areas the place it’s wanted most. Features embrace panic buttons, crash detection, voice interfaces and coronary heart price displays,amongst others, enabling non-public safety and medical response to manage a geo-fenced service space as nicely. Customers are incentivised with rewards within the cryptocurrency $GUARD.
Mark Jeffrey, co-founder and CEO of Guardian Circle, advised Cointelegraph:
“Up till COVID-19, our advertising and marketing problem had at all times been: ‘How will we get customers to consider a future disaster state of affairs’? Individuals do not like enthusiastic about emergencies: it is not enjoyable. It isn’t ‘Phrases With Buddies’ or ‘TikTok’. With COVID-19, that problem has now vanished.”
Jeffrey mentioned that emergency apps will not be used every day and so the cryptocurrency factor helps hold it in customers’ minds: “The $GUARD crypto was a non-crisis-related-way to work together with our customers.”
However whereas the well being emergency has elevated downloads, the financial results of the disaster are threatening its viability.
“As our runway has at all times been primarily based in crypto, our piles of Bitcoin and NEO have depleted in worth with the COVID-19 crashes. I’ve been supplementing company bills with my very own private cash to cowl prices. Backside line? We’ve got about six months left as we’re proper now, barring any new curve balls thrown at us.”
Extra partnerships underway
Wanting forward, Jeffrey mentioned the venture had discovered a associate, with whom they’ll signal a deal to run a mixed product, which is able to hopefully allow them to draw new enterprise capital curiosity.
On their customers’ geographic distribution, Jeffrey mentioned that one third are within the US, the remainder are scattered all through the world. Additionally, the app has excessive concentrations in India, Myanmar, Pakistan, Brazil, Egypt, and Iraq.
Jeffrey believes that total the present disaster will probably be optimistic for cryptocurrency:
“The COVID-19 disaster is inflicting super pressure on the legacy banking system worldwide — far worse than the 2008 disaster. This pressure has not but been felt by the typical individual, however it is going to be within the coming months. At that time, we may even see a pointy improve in utilization of Bitcoin as a retailer of worth. We may see different cryptos come into use for cash-like sooner, smaller funds.”
Different blockchain-based apps used within the midst of COVID-19 disaster
Cointelegraph reported on April 6 {that a} blockchain app known as “Civitas” has been launched by the Canada-based startup Emerge, which seems ahead to monitoring COVID-19 circumstances and it’s centered in Latin America area.