US Stimulus Payments Could Take Months; Binance to Offer Options; 1 Million SPICE Contest

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US stimulus payments could take months to be delivered. Binance hints at including options. exchange launches 1 million SPICE trading contest. Brazilian Regulators build blockchain platform for conducting background checks. CoinEx to open source CoinEx DEX code, and Cryptophyl burns first batch of DROP tokens. 

US Stimulus Payments Could Take Months

Stimulus payments

US stimulus payments resulting from the approval of the CARES Act could take months to be delivered, according to a House Democratic memo obtained by CNN. Stimulus payments will be sent starting April 13th to citizens that provided their banking information to the IRS. Other citizens will have paper checks mailed starting May 4, a process that will take months at a rate of 5 million checks sent every week. Digital dollar accounts were proposed for this purpose but were not approved.

Binance Hints at Offering Options

Binance hinted at the coming inclusion of options as trading instruments on their platform. The reveal was made via its official Twitter account, showing an image depicting a set of app tests to be run, including an item called “Support Options Trading.” This was confirmed by Binance CEO Changpeng Zhao, who showed “Options” as a new item on the dashboard of the exchange. Options are used by traders to avoid oscillations of an asset having the opportunity (but not the obligation) to sell or buy at a determined price.

1 Million Spice Trading Contest on Exchange

Stimulus payments

The exchange kickstarted a 1 million SPICE contest, to raise awareness about how easy it is to transact SPICE and all SLP tokens on the exchange. The first three traders with the most SLP token volume exchanged will receive 500,000 SPICE, 300,000 SPICE, and 100,000 SPICE respectively, and everyone depositing more than 1,000 SPICE will be eligible to win 2,000 SPICE in a lottery draw. More details can be found here.

Brazilian Regulators to Build Blockchain Platform for Conducting Background Checks

Stimulus payments

A group of Brazilian regulators launched PIER, a blockchain-based platform that will allow them to conduct background searches on individuals and companies regarding their financial status. PIER will automate all these requests of information between the central Bank of Brazil, the Brazilian Securities Commission (CVM) and the Private Insurance Superintendence to reduce the time from every request from weeks to minutes, changing the way these activities are conducted by using blockchain to share data.

CoinEx to Open Source CoinEx DEX Code

CoinEx, one of the most influentials exchanges in China, announced they will open-source the code for their decentralized exchange on GitHub. With this move, the team behind the CoinEx DEX and CoinEx Chain, two pivotal projects, expect to give greater vitality to the project by allowing other developers to build on their technology. Haipo Yang, CoinEx CEO, declared: “I think that free software is the most essential feature of blockchain projects. Therefore, for CoinEx DEX, open-source is not an option, but mandatory.”

Cryptophyl Completes First DROP Burn Round

Cryptophyl, the first dedicated SLP token cryptocurrency exchange, completed the first phase of its DROP burn schedule, aiming to increase the value of their official token for users. This month, 858 DROP were burned, deducting this amount from the total issued (1,000,000 DROP). Cryptophyl decided to reinvest 15% of the revenue generated by trading fees to burn DROP on a monthly basis. Cryptophyl awards DROP to users based on their trading volumes of all assets listed at the end of each month.

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