Nexo has announced its support for Apecoin (APE), the official cryptocurrency of Bored Ape Yacht club by adding the coin to its list of yield-earning assets.
The announcement came with several promises which include a 12% Return-On-Investment, access to loans and a o.5% cashback for the Bored Ape Yacht club fans who buy the Apecoin on the Nexo platform.
Nexo’s support for Apecoin
Nexo’s support for Apecoin isn’t much of a surprise in the crypto world as the crypto loan and exchange platform has recently been tagged as the “best crypto wallet. Its support for Apecoin has earned it a new title as the “first crypto loan platform to offer APE holdlers rewards of up to 12% APR”
Accounts listed in the Base tier of Nexo’s Loyalty program will earn rewards starting at 8%, according to the press statement from the crypto lending firm. This means that user rewards grow as their Loyalty tier grows.
Here’s a comparison of Nexo’s yield rates to the market’s standard yield rates.
- 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’s availability on Nexo affords users the opportunity to buy, make deposits, earn rewards, swap coins and even borrow on the platform. One interesting thing about this new integration is the fact that users get up to 0.05% cashback on all transactions.
Moreover, Users won’t be charged any fees for transferring Apecoin to the Nexo platform. APE can be paired with either USDT, BTC, USDx, USDC, GBPx or EURx.
Access to APE utilities
The integration by Nexo has granted users of the BAYC platform access to APE utilities, some of which includes access to new opportunities in decentralised finance (DeFi) and the metaverse.
The crypto lending platform will also provide a full-featured ApeCoin wallet, allowing users to take advantage of the entire range of benefits that such support brings. Thus allowing users to have access to other services like as account top-ups, token exchanges, and borrowing in addition to being able to quickly acquire APE and earn up to 12% interest for hodling.
Furthermore, users can borrow against their APE holdings, which will operate differently than borrowing BAYC NFTs, they can borrow cash or stablecoins with APE coins on the platform, and the tokens can be used as collateral.
Finally, users will be able to utilize a ‘boost’ tool to acquire APE at up to 3x their current portfolio value. Customers that purchase APE through Nexo could receive up to 0.5 percent cashback.
The crypto lending platform supports six APE pairings, including Bitcoin and the Tether USD and USD Coin stablecoins. APE may also be purchased in USD, GBP, and EUR.
