Horizen Labs, the company tasked with developing ApeCoin staking, has released an update regarding the upcoming staking feature.
Much to holders’ dismay, residents from several countries including the United States and Canada are prohibited from accessing ApeStake.io, the official website for staking APE tokens.
“We are aware that geoblocking some users in North America is inconvenient for many members of the ApeCoin community. Unfortunately, in today’s regulatory environment, we had no good alternative” the company said.
The official website will launch on Dec. 5, and users will be able to start earning staking rewards from Dec. 12. Horizen Labs decided to shorten the pre-deposit phase by one week due to delays caused by the bug bounty program.
The Horizen team has said that they will not restrict access to the smart contracts used for APE staking. As such, any third party can create their own interface and a community-led frontend has already been released.
According to the team, numerous centralized exchanges as well as DeFi platforms are expected to offer interfaces to stake ApeCoin.
According to an Oct.11 report, the US Securities and Exchange Commission (SEC) is reportedly probing Yuba Labs.