MetaMask to Introduce Bitcoin Support, Expanding Beyond Ethereum Ecosystem

MetaMask to Introduce Bitcoin Support, Expanding Beyond Ethereum Ecosystem

The popular self-custodial hot wallet is reportedly planning to introduce Bitcoin support soon, according to sources cited by CoinDesk. The wallet provider aims to roll out this feature within the next month, although this timeline is subject to change. Initial Bitcoin functionalities may be limited but are expected to expand over time. Despite already branching out from the Ethereum ecosystem with the integration of Snaps, adding Bitcoin would significantly enhance one of the leading digital wallet platforms.

MetaMask, which primarily supports Ethereum, Ethereum Layer 2s, and Ethereum Virtual Machine (EVM)-compatible networks like Avalanche, Polygon, Optimism, and Arbitrum, took a step beyond the Ethereum sphere by incorporating Snaps, a type of JavaScript application, in September 2023.

As of August 2023, MetaMask was the most downloaded wallet, boasting 22 million downloads. Recent updates from MetaMask’s developers have focused on enhancing user experience, including the addition of Blockaid-based security alerts across various blockchains, Ethereum validator staking, and a feature that allows users to check their eligibility for airdrops and NFT claims.

Consensys, the core developer of MetaMask, secured $450 million in a Series D funding round led by ParaFi Capital, achieving a valuation of $7 billion in March 2022. In late April, the firm filed a lawsuit against the Securities and Exchange Commission (SEC) regarding the regulator’s inconsistent stance on whether ether is a security and if the SEC has jurisdiction over its regulation. This followed the SEC issuing a Wells notice, indicating its intent to pursue legal action, earlier that month.

On May 22, at 12:45 p.m. ET (16:45 UTC), Bitcoin was trading at $70,240. According to The Block’s Data Dashboard, the Bitcoin network processed 14.48 million transactions in April.