Time Magazine will accept newly released ApeCoin (APE)

Time Magazine is expanding its venture into the cryptocurrency market. The company has announced that it will start accepting ApeCoin (APE). The company noted that APE payments would be adopted in the coming weeks.

APE is a new cryptocurrency in the market. The cryptocurrency was developed by the Bored Ape Yacht Club (BAYC). BAYC is one of the most valuable non-fungible token (NFT) collections.

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Time Magazine to accept ApeCoin

In April last year, Time Magazine integrated its first cryptocurrencies to be used as a payments option. These cryptocurrencies included Bitcoin, Ethereum, Dogecoin and XRP.

Congrats to the ApeCoin DAO on the rollout of @ApeCoin & thrilled we can announce that @TIME will be accepting $APE for digital subscriptions in the coming weeks on https://t.co/tiBU5fsE5B ⏰❤️??

— TIMEPiecesᵍᵐ ⏰ (@timepieces) March 20, 2022

Despite being launched barely a week ago, APE has become one of the largest gainers in the crypto space. On Thursday, those who held the BAYC NFT were airdropped the token before it started trading on exchanges.

The coin has already been listed in some of the largest cryptocurrency exchange platforms, including Binance, Coinbase and FTX. In just a few hours of trading, the token had gained by over 1000%, and it surged to around $39.40. However, its price is showing signs of a strong correction.

APE is currently showing signs of increased volatility. During the past 24 hours, the coin has dipped by 5.5% to trade at around $10.42. According to CoinMarketCap, APE currently has a market capitalization of $2.92 billion, making it the 46^th-largest cryptocurrency. However, new tokens in the market are known for notorious volatility before their real market price is established.

Time Magazine crypto initiatives

Time Magazine is committed to its cryptocurrency plans. In 2021, Time Magazine, Time Magazine partnered with Grayscale, the largest digital asset management firm globally, to hold Bitcoin on its balance sheet.

The company also minted some of its favourite issues in the form of NFT. In December, the magazine labelled Elon Musk, Tesla’s CEO and one of the popular crypto supporters, as the person of the year.

Last week, the magazine released its first NFT issue. The cover of the issue was the co-founder of Ethereum, Vitalik Buterin. During an interview with the magazine, Buterin talked about the crypto and blockchain space and how the sector could be used for good.