Nexo becomes first to offer up to 12% APR on ApeCoin

Nexo has become the first platform to offer users ApeCoin utility: earning yield for holding APE, CoinJournal learned from a press release. This gives people access to more APE to use in the BAYC world.

Yuga Labs, the creators of ApeCoin and BAYC, want to create a currency for MetaRGP. This is an interoperable gaming metaverse where every participant can create assets and own land and resources.

They will need APE for this. With Nexo, anyone can accumulate APE wealth, earn daily, and become a part of the dynamically growing ecosystem.

Earn rates

• Base: Maximum rate – 8%. Standard rate – 7%.
• Silver: Maximum rate – 8.75%. Standard rate – 7.5%.
• Gold: Maximum rate – 10%. Standard rate – 8%.
• Platinum: Maximum rate – 12%. Standard rate – 9%.

Use of APE

You can use the ApeCoin token to earn, buy, top up, exchange, and borrow against. It’s basically like a full-fledged APE wallet.

• Top Up: Transfer ApeCoin straight to your Nexo account with zero fees.
• Earn: Earn up to 12% on your APE when you HODL on Nexo.
• Boost: Leverage your current portfolio and buy up to 3x more APE.
• Exchange: Swap APE on the Nexo Exchange. Available in six pairs.
• Borrow: Borrow against your APE at rates as low as 0% APR.
• Buy: Buy APE on Nexo and get up to 0.5% cashback on each exchange transaction.

The loyalty tier determines the amount of cashback you can get. The tier level is directly proportional to the cashback amount. For example, Platinum users get the full 0.5% cashback.

How to buy ApeCoin on Nexo

• Log in to your Nexo account and go to the Exchange tab.
• Click “Pay With” and select “Card” as your payment method.
• Choose APE as the currency you want to receive and enter the desired amount.
• Tap “Preview Exchange” to enter your card details and confirm your order.
• Once you’ve bought APE, you’ll get cashback.

The following APE pairs are available on Nexo:

• APE/BTC
• APE/USDT
• APE/USDC
• APE/USDx
• APE/EURx
• APE/GBPx

How to borrow with APE as collateral

You can use your APE tokens to borrow stablecoins or cash as soon as you buy them on Nexo. Gold users are eligible for rates as low as 1.9% APR, while Platinum users pay zero APR. 

They can borrow up to $2 million without credit checks. Loans are approved instantly and borrowers may decide when to pay off their loans.