Rainbow plans to launch RNBW token for non-custodial crypto wallet in Q4

Just days after the Consensys-incubated MetaMask wallet said it was working to issue a native token, popular alternative non-custodial wallet Rainbow disclosed plans for its own RNBW token launch.

RNBW is expected to debut before the end of the year, according to an X post on Monday.

Rainbow's token announcement comes amid a flurry of other improvements, including upgrades to roll out real-time pricing, instant balance updates, and improved price chart functionality in the wallet app, according to the team. The wallet is also introducing perps trading powered by Hyperliquid.

"You've been collecting Points for a reason," the Rainbow team wrote. "This is just the beginning of Phase 3. We've got a loaded roadmap coming your way, including DeFi positions and support for more chains."

Rainbow is an EVM-compatible browser and mobile crypto wallet designed as a user-friendly option. In late 2023, the project launched a points program in part to draw new users away from MetaMask, one of the most downloaded wallets, according to The Block’s data.

Last week, Consensys CEO and Ethereum co-founder Joe Lubin said on The Block's Crypto Beat podcast that "the MASK token is coming … sooner than you would expect." Likewise, Coinbase said it is considering launching a native token for Base, which conceivably could be introduced into the recently rebranded and improved Base App.

Seven Seven Six, the VC fund set up by Reddit co-founder Alexis Ohanian, led Rainbow’s $18 million Series A in 2022.