Binance Now Accepts BAYC, MAYC As Collateral

Twitter icon  •  Published 9 months ago  •  Nikolas Sargeant

Cryptocurrency exchange Binance announced that it has implemented a new feature, allowing users to utilize staked Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs as collateral in the Ape NFT Staking Program for NFT Loans.

Cryptocurrency exchange Binance announced that it has implemented a new feature, allowing users to utilize staked Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs as collateral in the Ape NFT Staking Program for NFT Loans. 

Binance is the world’s largest cryptocurrency exchange as measured by daily trading volume. They are known for being on the cutting-edge of financial services. Read more in our full Binance review

This feature became effective as of 2023-06-21 13:00 (UTC).

This enhancement offers greater flexibility to Binance NFT users. They now have the option to stake their existing BAYC and MAYC NFTs as collateral for NFT Loans through the Ape NFT Staking Program. This allows them to earn daily rewards in ApeCoin (APE) or gain access to higher liquidity by completing an NFT Loan using a staked BAYC NFT or MAYC NFT.

For more information regarding NFT Loans, including details about liquidation, interest rates, borrowing, and repayment, please consult the official announcement.

MAYC, which stands for Mutant Ape Yacht Club, serves as an expansion to the widely acclaimed Bored Ape Yacht Club (BAYC) NFT collection. The Mutant Apes within this collection possess remarkable rarity, providing exclusive community access and distinctive membership benefits. As a result, MAYC has gained significant popularity as an NFT collection.

The Bored Ape Yacht Club (BAYC) comprises a compilation of 10,000 NFT Apes, with each Ape possessing entirely distinct characteristics. Among these traits, certain ones hold greater rarity compared to others, making them highly sought-after by collectors who attach increased value to them.



Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.