Trump Bullies Federal Reserve; IOTA Back Online Again; Circle Launches USDC Business Accounts

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. President Trump calls out Fed for inefficient interest rates cut. IOTA cryptocurrency online again. Circle launches USDC business accounts service. BlockFi now allows customers to purchase crypto via cash wires in partnership with Silvergate bank. Bitcoin options trading volumes skyrocket, and CoinEx launches ambassador program to reward its community.

US President Trump Calls Out Federal Reserve on Interest Rates

President Donald Trump attacked yet again decisions by the Federal Reserve to cut interest rates too little, too late, calling them insufficient in the wake of the economic crisis caused by the recent coronavirus outbreak. Trump stated the Fed was “slow moving” and said it “raised rates too fast and lowered too late.” Trump also called for negative interest rates, saying other economies had “as much as a two point advantage.”

IOTA Cryptocurrency Online Again

IOTA, the cryptocurrency stopped almost a month ago as a part of extreme measures to deal with an attack on their Trinity wallet, resumed transactions on their Tangle network. The IOTA Foundation informed the Coordinator, the central part of the network used to confirm transactions, operations have again begun. Despite being a clear central point of failure, the IOTA Foundation declared they “wholeheartedly” stand by their decision to implement this “key safety feature.” The IOTA Foundation continues to work with law enforcement agencies to identify and track possible attackers.

Circle Launches Business Accounts For USDC

Circle, the company behind the USDC stablecoin, implemented a new service called Business Accounts to make it easier for interested parties to participate in crypto and stablecoin trading. The goal of Circle with this new initiative is to simplify the entry of companies into the crypto world “so that a company can setup and begin using an account with the same ease that they might open a business bank account.” Now companies from all over the world will have the opportunity to enjoy the benefits of digitized, USDC backed dollar accounts, and Circle also claimed this ecosystem will keep evolving.

BlockFi Supports Crypto Purchases With Silvergate Bank

USDC

BlockFi, the cryptocurrency lending platform, integrated direct cryptocurrency purchases through cash transfers partnering with Silvergate Bank, a cryptocurrency-friendly financial institution. Now, customers will have the ability to buy crypto directly using Silvergate’s services without having to go trough exchanges of other crypto-related companies. Only US wires will be supported, and the dollars will be instantly converted to GUSD, the stablecoin issued by the Gemini exchange, led by the Winklevoss twins.

Bitcoin Options Market Breaks Record Trading Volumes

USDC

The Bitcoin options market reached ATH levels on March 9, where more than 190 million dollars worth of contracts were traded (more than the $170 million of that changed hands on February 11). Most of the contracts were purchased in Deribit, a derivatives exchange, according to data from Skew, a cryptocurrency research firm. “Derivatives trading activity tends to increase when a large spot move occurs, which was triggered yesterday by an extraordinary sell-off in risk assets globally,” said Skew’s CEO Emmanuel Goh, explaining the meteoric rise in trading volumes.

CoinEx Launches Ambassador Program For Community Members

USDC

CoinEx, one of the most important China-based cryptocurrency exchanges, launched its ambassador program to reward community members who contribute to the growth of CoinEx community. CoinEx will offer rewards that include a monthly salary up to $10,000 USD, a high commission ratio up to 40% of transaction fees, promotion funds, custom certificates, and gifts. Ambassadors will have to promote the exchange through their social networks and contribute to create brand awareness across the cryptocurrency sphere. Anyone can apply to be an Ambassador, here.

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