The cryptocurrency company offering loans and daily digital asset earnings will integrate ApeCoin into its platform. The firm promised a yearly ROI of between 7-12%, depending on the customers’ loyalty tier.
Nexo Integrates ApeCoin
The press release seen by CryptoPotato reads that Nexo wants to capitalize on Yuga Labs’ (the entity behind BAYC) future plans by introducing the recently-launched cryptocurrency to its yield platform.
Depending on the loyalty tiers, users will be able to get up to 12% ROI on the amount of APE they have deposited on Nexo. All rates are as follows:
- Platinum: Maximum rate – 12%. Standard rate – 9%.
- Gold: Maximum rate – 10%. Standard rate – 8%.
- Silver: Maximum rate – 8.75%. Standard rate – 7.5%.
- Base: Maximum rate – 8%. Standard rate – 7%.
ApeCoin is already available on Nexo, and users can buy, top-up, earn on, swap, and borrow against. Upon purchasing the asset, the firm promised to give up to 0.5% cashback on each transaction. It also said it wouldn’t charge any fees when transferring APE to the Nexo platform.
Nexo has enabled six trading pairs for APE, including against BTC, USDT, USDC, USDx, EURx, and GBPx.
ApeCoin’s Birth and Ascent
The Bored Ape Yacht Club became arguably the most talked-about and popular NFT collection, with various celebrities purchasing such digital collectibles and putting them as Twitter profile pictures. Some of those names include the legendary hip hop artist – Eminem, tennis player Serena Williams, Justin Bieber, Neymar, and Madonna.
All of those examples were sold for hundreds of thousands of dollars worth of ETH. The floor price as of now is 106.5 ETH – around $370,000.
Snoop Dogg went even further and launched Bored Ape-themed music as NFTs after collaborating with fellow rapper Wiz Khalifa.
Somewhat expectedly, Yuga Labs, the team behind the project, decided to launch a native cryptocurrency in mid-March that attracted even more people as a certain portion of the total supply was airdropped to BAYC holders.
With a price tag of around $15 as of now, ApeCoin quickly found a place within the largest 100 coins by market cap. It was also listed on multiple leading crypto exchanges, such as Binance, and the latest integration by Nexo shows the substantial growth experienced just weeks after it saw the light of day.