ApeCoin will be integrated into Nexo’s cryptocurrency lending platform, which offers loans and daily digital asset earnings. In accordance with the loyalty tier of the clients, the firm promised an ROI of 7-12%.
Nexo Integrates ApeCoin
Nexo wants to leverage Yuga Labs’s (the company behind BAYC) future plans by integrating the newly-launched cryptocurrency into its yield platform.
Depending on the loyalty tier, users can receive up to 12% ROI on the amount of APE they have deposited on Nexo. The 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.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
