BitPay has announced that it now supports ApeCoin, or APE, on its network. This would allow the merchants of BitPay to seamlessly accept the token while also enabling the users to store, swap, buy, and spend the token through their BitPay Wallet.
Moreover, users of BitPay will now be able to load and spend APE instantly like cash through its BitPay Card. ApeCoin is an ERC-20 native token of Bored Ape Yacht Club that can be used across the Ape ecosystem. ApeCoin gives its holders membership to ApeCoin DAO, the decentralized autonomous organization of the ecosystem.
Members of ApeCoin DAO hold power to make important decisions about fund allocation in the ecosystem, governance rules, partnerships, and projects, to mention a few. Other functions that the holders of ApeCoin can perform are as follows:-
- Load and spend the coin through BitPay Wallet.
- Store, buy, and swap the native token in the wallet.
- Instantly convert the digital currency to cash to spend it anywhere Mastercard is accepted.
- Spend the token to experience Web3 and its games.
- Buy gift cards from the BitPay app from hundreds of brands.
- Merchants can accept the token and pay their employees, vendors, and customers using the same token.
ApeCoin is not just a governance token; it has utilities that are useful in a similar fashion to that of cash or any other traditional payment system. The total supply of ApeCoin has been fixed at 1 billion. In other words, the token can neither be minted nor burned after it is released in circulation. ApeCoin was launched in March 2022, when 62% of the total supply was distributed to the ecosystem fund.
The rest, 16%, was distributed to Yuga Labs, 14% was paid to various launch contributors, and the final 8% was distributed to the quartet of founders. ApeCoin has various utilities; however, its prices remain prone to fluctuations, just like any other cryptocurrency.
The overall ecosystem of APE comprises a large number of individual token holders, products, and services. Yuga Labs is the chief member as it has adopted APE as its native token for all the projects.
APE originated from the NFT series consisting of 10,000 unique cartoon ape drawings. Each NFT can be verified for its uniqueness in terms of style and ownership. The NFT series, Bored Ape Yacht Club, is one of the most successful NFT series enjoying popularity among personalities like Eminem and Jimmy Fallon.
Holders of APE cast their votes, considered by the Foundation, which has a 5-member board made up of luminaries from the crypto and tech industry. The Board ensures that the main objective is being followed and the vision is intact as the ecosystem gets bigger through various developments. APE holders determine the board’s membership on a yearly basis.
BitPay’s support for ApeCoin is important for merchants and users who now have the option of utilizing another token.