MultiBank’s foray into launching its own token prepares the ground for its Web3 entry.
Dubai: MultiBank Group plans to bring out its own utility token, $MBG, as it ventures into the Web3 landscape.
Likely to launch this year, the $MBG is said to be ‘among the few digital assets supported by a globally recognized financial institution’.
The MultiBank Group is also planning an assertive buyback and burn strategy, potentially repurchasing and eliminating tokens valued over 50 million USDT in its initial year, eventually reducing up to 50% of total supply.
The $MBG token would likely be integrated into various aspects of the company’s operations. The company has daily trading volumes of over $20 billion and financial resources totaling $600 million million.
