utility token

noun

Definition of utility token

: 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

First Known Use of utility token

2016, in the meaning defined above

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The first known use of utility token was in 2016

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Cite this Entry

“Utility token.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/utility%20token. Accessed 21 Jan. 2021.

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