What you need to know about APECoin

Plus, what's happening in the Senate?

Inside.com Part of   Network March 17, 2022

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Bored Ape Yacht Club has launched its much anticipated APECoin. The token will denominate the economy of Yuga Labs' multi-collection metaverse and support initiatives related to culture, gaming, and commerce. Good to Know: 62% of the total supply of ApeCoin is earmarked for the community, with the rest going to the team. BAYC and MAYC holders were airdropped 15% of the supply. For everyone else, APECoin is now on Coinbase and other major exchanges. ApeDAO was launched in parallel with the token and includes Alexis Ohanian and FTX's Amy Wu on its board. NOT Investment advice: Before you go apeing into APECoin, it may be good to know that there will be enormous sell pressure on the token, with 15% of the supply being given to thousands of holders for free.  Each BAYC was airdropped ~10,000, so approximately $80,000 per Ape at current market prices. The token's fully diluted market cap is already $8B.

Ukrainian President Volodymyr Zelenskyy has signed a new bill into law that will legalize crypto in the country. The new law will determine the legality, classification, and ownership of crypto assets in Ukraine. It comes as Ukraine has racked up over $100M in crypto donations amid its war with Russia. More: The crypto market will be regulated by Ukraine's National Commission on Securities and the Stock Market. Exchanges can operate legally and have bank accounts. The law will also set registration requirements for crypto service providers.

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The Senate Banking Committee hosted a hearing Thursday on crypto's role in illicit finance. The meeting comes in light of concerns that Russia can use crypto to avoid sanctions. Highlights: Senator Pat Toomey told the Senate that Ukraine has actively been using bitcoin and crypto to do tremendous good. A Senate witness from Ukraine divulged that he is praying for crypto because it is so fast. Chainalysis' founder explained why crypto is not a good way to avoid sanctions in the first place.

ConsenSys founder Joe Lubin has confirmed that a MetaMask token is coming. Plans around the much-talked-about $Mask airdrop are still unknown. More: As MetaMask moves toward what Lubin calls "progressive decentralization," a MetaMask DAO is also in the works. The DAO will not govern MetaMask itself, however, it will instead be used to enable the creation of new MetaMask initiatives. MetaMask's daily active user count has grown 42% in the last four months, having recently reached 30 million. ConsenSys raised $450M at a $7B valuation earlier this month.

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Web 3 Tweet: Cozomo de’ Medici on the Yuga Labs Punks acquisition.

QUICK HITS Connect with racing fans, car enthusiasts, and real racing legends.* Coinbase Wallet will now support Solana tokens. $3T HSBC Bank called the metaverse the next generation of the internet. New York City mayor Eric Adams will create a crypto education platform for young people. Crypto applications for iPhone could bring 1 billion new users. Canada's central bank and MIT are collaborating on CBDC research. *This is sponsored content.

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Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering.   Connect with him on Twitter @trevorisonline Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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