Cryptocurrency News

Crypto Custody Services Provider Plans to Launch its Crypto Token

MetaMask is a cryptocurrency wallet service that is made for interaction with the Ethereum network. This is a software custodian service for virtual assets, and it allows investors to gain access to the blockchain with the help of a website or a mobile phone application. The company is now planning to introduce a native token for its users.

The announcement was made during the first-ever community interaction event held by MetaMask. There have been rumours in the market that the crypto services provider was planning to launch a new native token at an ICO event. However, according to the Senior Software Engineer, Eric Marks, the team is still contemplating the process. While it has been confirmed that a new MetaMask token is in the making, the team has told the users that there is no immediate launch date to be communicated.

Several Crypto Custody Services Providers have Introduced Tokens to Benefit their Primary Users

The projects like Uniswap and 1inch are among the DeFi digital wallet services that have already introduced native tokens for their primary community members. In the case of those DApps, the token had a reasonable use case, and the investors were able to take advantage of the services as well. As per Marks, the MetaMask team has concerns about giving a proper use case for the new token.

Last year, these swaps and DApps successfully incentivized their oldest supporters by airdrops and free giveaways. In turn, these enterprises also got a great response from the market. MetaMask team has claimed that they are also considering the possibility of an ICO event.

The prospect tokenization of MetaMask has been conditioned with the introduction of a liable use case. The team foresees a possibility of pump and dump. When the token is introduced, they will quickly increase in value, and some people might opt to sell them. At present, MetaMask has around five million active user addresses every month. There is also a swap service by the same enterprise that allows its users to exchange their tokens.

On the other hand, the MetaMask developers are also working on several new features for their wallets. One of the highly anticipated projects is the side-chains with other blockchain networks. Another very promising project is the Layer-2 solution build on top of the leading blockchain networks.

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