What is ApeCoin? Crypto Now Available on Coins.ph

Share some Bitpinas love:

Philippine-based crypto mobile wallet and exchange Coins.ph, announced today the availability of ApeCoin, the governance and utility token of the APE ecosystem, on its site.

What is ApeCoin?

ApeCoin, or APE, is an ERC-20 token that was released last March and is controlled and built on by the community, with a maximum supply of 1 billion tokens.

[What are the other ERC-20 tokens supported by Coins.ph? Read here.]

It is adopted by Yuga Labs as the primary token for all new products and services of the company, APE can also be used to pay for in-game assets in play-to-earn games like Benji Bananas by Animoca Brands.

Yuga Labs is the creator of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) non-fungible token (NFT) collections and the Intellectual Property owner of NFT projects CryptoPunks and Meebits.

About 620 million of the total supply will go to the ApeCoin Decentralized Autonomous Organization (DAO) community, which are the ApeCoin holders, and to the BAYC and MAYC holders.

The ApeCoin DAO community will govern the Ape Ecosystem, which is supported by the APE Foundation as its legal steward.

In addition, 160 million of the total supply will go to the Yuga Labs, while 80 million tokens will go to the firm’s founders.

The rest of the tokens, or about 140 million, is expected to go to the launch contributors, which are defined as “the companies and people who helped make this project a reality.

In April, Yuga Labs launched Otherdeed NFTs for its upcoming blockchain game, Otherside Metaverse Project, that generated around $285 million of sales for that month alone.

At the time of writing, APE token’s price is $8.65 with a market cap of $2,364,023,034, according to the data of CoinGecko.

The addition of APE token made the total number of cryptocurrencies available to buy, sell, and store on the Coins.ph application to 18.

Last month, cryptocurrency Chiliz (CHZ) was also added to the crypto wallet, while YGG token of Yield Guild Games was also added earlier this month.

This article is published on BitPinas: What is ApeCoin? Yuga Labs Crypto Now Available on Coins.ph

Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and is the only blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.

Share some Bitpinas love:
Follow on social and subscribe to our newsletter

Nath Cajuday

BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.