Will MetaMask release a $MASK token? Twitter was flooded with the question after ConsenSys founder engaged with a journalist in a spat.
The online back and forth breathed new life in speculations regarding MetaMask releasing its token. It all started with the announcement of the Coinbase Wallet browser extension. The platform announced the extension recently.
Afterward, icebergy (BTC developer) chimed in and stated that MetaMask needed to drop a token. It sparked a disagreement with Andrew T (CoinDesk reporter), who dismissed the idea because of MetaMask’s association with JP Morgan.
Andrew’s tweet stated that it would not happen since JP Morgan owns 10% of MetaMask’s controlling authority, and the administration does not want tokens on its balance sheet.
That is when Lubin (MetaMask Chief) jumped in, defending the idea of a native MetaMast token. Lubin addressed Andrew stating that ConsenSys packs thousands of assets and tokens on its balance sheet. Employees, including Lubin, control the venture. The team is aiming to decentralize multiple projects too.
Lubin added, Wen $MASK? Stay tuned. The ConsenSys founder ended the tweet with a stinging statement, “Wen objective journalism, ser?”
Andrew justified the statement saying that JP Morgan is unlikely to drop or dilute any stake in the company. Traditionally, when projects raise funds from investors, they either directly raise them via equity capital or tokens. In the end, they convert the equity capital into tokens as well. If MetaMask decentralizes and tokenizes, JP Morgan will want a share. How they will get, it is a tricky question.
However, any attempts made by the reporter did not yield any result. It seems that Joe Lubin said everything he wanted to say for the movement. However, this was done at the price of borderline confirming a MetaMask native token.
As one of the most well-known in-browser wallets, MetaMask serves millions of users. With such market stature, an upcoming native token can work wonders for the wallet. In addition, gaining backing from ConsenSys, the esteemed Ethereum software company, also boosts its value proposition.