utility token

noun

: a digital token of cryptocurrency that is issued in order to fund development of the cryptocurrency and that can be later used to purchase a good or service offered by the issuer of the cryptocurrency
sold utility tokens as a method of fundraising for the start-up

Examples of utility token in a Sentence

Recent Examples on the Web At this point, the cryptocurrency, which is a utility token, was up roughly 53% after falling below $240 in mid-December, additional CoinMarketCap data reveals. Charles Lloyd Bovaird Ii, Forbes, 16 Feb. 2024 Just for level setting, talk to us about the difference between a fungible utility token and a non-fungible utility token. Tax Notes Staff, Forbes, 28 Nov. 2023 And then utility tokens, which can be fungible or non-fungible. Tax Notes Staff, Forbes, 28 Nov. 2023 As a utility token, $ESX provides a mechanism for participation in the platform, not just as an investment vehicle but also as a tool for governance. Nick Kasmik, USA TODAY, 23 Aug. 2023 Here’s a breakdown of what these crypto financial instruments entail: BNB is a token issued by the exchange which was initially created as a utility token that offer discounts on trading. Nate Dicamillo, Quartz, 6 June 2023

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'utility token.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

First Known Use

2016, in the meaning defined above

Time Traveler
The first known use of utility token was in 2016

Dictionary Entries Near utility token

Cite this Entry

“Utility token.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/utility%20token. Accessed 17 Jul. 2024.

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