Nexo adds support for yield on ApeCoin (APE) with up to 12% APR

2022-3-30 16:32

Nexo has added ApeCoin (APE), the native currency of the popular Bored Ape Yacht Club metaverse, to its list of yield-earning assets.

Having recently bagged the “best crypto wallet” at a UK event, the fast-growing Nexo has now added another feather to its cap: it’s become the first cryptocurrency platform to offer investors a chance to hold APE and earn rewards of up to 12% APR.

Created by Yuga Labs, Bored Ape Yacht Club (BAYC) is one of the best-known NFT collections in the world. The company’s NFT offering has attracted the ‘who-is-who’ in the celebrity world, bringing in millions in sales volume.

Overall, the Yuga NFT platform has overseen NFTs totaling over $5.5 billion in market cap

Earn up to 12% APR

Earning rates start at 8% for accounts ranked in the Base tier in Nexo’s loyalty program. The rates go up depending on the user’s Loyalty tier. Here is how Nexo’s high yields compare to the standard offering in the market:

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%) Access other ApeCoin (APE) utility

The integration with Nexo gives the BAYC ecosystem a robust platform for users to access ApeCoin’s utility. This includes new opportunities in decentralised finance (DeFi) and the metaverse.

Nexo will also offer a full-fledged ApeCoin wallet, allowing users to enjoy the full range of utility that comes with such support.

Other than being able to easily buy APE and earn up to 12% in interest for hodling, customers will access other utilities such as account top-ups, token swaps, and borrowing.

When borrowing, customers will do so against their APE holdings, which will work differently to borrowing the BAYC NFTs. With APE coins on Nexo, a customer can borrow cash or stablecoins using the tokens as collateral.

A ‘boost’ feature will also allow users to leverage their existing portfolio to buy APE at up to 3x. Meanwhile, customers will enjoy up to 0.5% cashback when they buy APE via Nexo.

Nexo currently supports six APE pairs that include Bitcoin as well as stablecoins Tether USD and USD Coin. You can also buy APE using USD, GBP and EUR.

The post Nexo adds support for yield on ApeCoin (APE) with up to 12% APR appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »