BAYC’s ApeCoin listing on giant exchanges sparking competition

Namrata Shukla
Source: TechCrunch

The Non-fungible tokens [NFTs] space is once again in the limelight with one of the biggest crypto startups, Yuga Labs behind the Bored Apes Yacht Club [BAYC] announcing the rollout of ApeCoin. The future for ApeCoin hoped to use it in several fields including gaming, culture, and commerce. If you have been following the NFT space closely, you will know, many NFT projects were trying to integrate gaming as a next step.

With massive changes upcoming, the investors and the participants were excited to see the new world carved out by the NFTs space. Without a doubt, everyone wanted to buy in on the potential of the ApeCoin represented, and among the first movers was Binance which announced listing the Apecoin hours after the announcement.

The announcement read,

“Binance will list ApeCoin (APE) and will open trading for APE/BTC, APE/BUSD and APE/USDT trading pairs at 2022-03-17 14:30 (UTC).
Users can now start depositing APE in preparation for trading
Withdrawals for APE will open at 2022-03-18 14:30 (UTC)”

Other competitors were also keeping an eye on this update as KuCoin, another prominent cryptocurrency exchange announced listing KuCoin, even before Binance’s listing. However, unlike Binance, Kucoin has made trading available only against Tether [USDt]. The exchange reported in its release,

“KuCoin is extremely proud to announce yet another great project coming to our trading platform. ApeCoin (APE) will be available on KuCoin. Supported trading pair is APE/USDT.
Please take note of the following schedule:

  1. Deposits: 6:00 on March 17, 2022 (UTC) (Supported Network: ERC20)
  2. The trading will start once the deposits meet the minimum liquidity requirement.”

Reportedly, Yuga Labs is looking at bank funding at a $5 billion valuation, it is also looking forward to detailing a new partnership for a play-to-earn gaming title built around ApeCoin. The company hopes that the new game and token will inspire a mainstream crypto-economy to build around their IP, which expanded loaded week to include CryptoPunks and Meebits NFTS collections. This was possible after Yuga acquired the assets from Larva Labs.

With giants like Binance and KuCoin showing support to the new token, things will only get more competitive hereon.