MONKEY BUSINESS: Yuga Labs’ GrailsOTC Teams Up With Cirrus To Offer Liquidity For The Rarest BAYC Primates, Kodas, And Otherside Deeds!

Some serious monkey business is about to go down around the swamp after Yuga Labs opened the new liquidity arm of its over the counter trading desk, GrailsOTC!

On Wednesday, Yuga Labs CEO Michael Figge announced that the company is teaming up with “professional internet user” Cirrus to offer a range of loans and liquidity options on high end Yugaverse NFTs.

“starting today we'll be working with  @CirrusNFT to offer liquidity on  @GrailsOTC transactions,” Figge tweeted. “Buy a grail, borrow against it, unlock capital: all through the yuga grails OTC desk”

 

 

“Growing up I always wanted to be the official grail cartoon ape liquidity provider Today that dream became a reality,” Cirrus tweeted after the announcement. “Looking forward to letting more complete strangers borrow my hard earned money backed by nothing but a jpeg as collateral.”

 

 

For those interested in exploring liquidity options around the swamp, Cirrus told the Gazette that high end Apes and Mutants can typically secure loans at 50–80% loan-to-value (LTV) with an annual percentage rate (APR) of 20–35%.

Simply put, a 100 ETH grail Ape could be used to secure a 50–80 ETH loan, with repayment ranging from roughly 60–100 ETH after one year, depending on the terms.

 

As the Gazette previously reported, Yuga Labs opened GrailsOTC earlier this week with the goal of onboarding collectors interested in primates that aren’t listed on OpenSea but may still be available, if the price is right.

 

“People don’t usually list grails because… they’re grails,” Figge tweeted earlier this week. “Collectors want unlisted grails but they don’t know how to start the conversation and these discussions are more nuanced than an anonymous WETH offer on a marketplace. For every transaction we facilitate, we’ll be taking a small fee which will support the club going forward if you are a broker who already facilitates deals, and you'd like our help, we're open to sharing in the upside.”

 

The Gazette will continue to follow GrailsOTC and will let you know how this new found liquidity impacts the swamp. Stay tuned for updates!