MetaMask’s Prospective Bitcoin Integration: An Emerging Possibility

Updated: 23 May 2024

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MetaMask, a widely-used self-custodial hot wallet, is considering the addition of Bitcoin support in the near future, potentially within the next month. The plans are not yet finalized and remain tentative and subject to change, the integration of Bitcoin could significantly increase the number of transactions on the platform. Initial Bitcoin features may be limited but are expected to expand over time.

Substantial Expansion Expected with Bitcoin Support on the Horizon

Previously, MetaMask had expanded beyond the Ethereum ecosystem by introducing Snaps, a type of JavaScript application, in September 2023. This integration already marked a significant enhancement in the wallet’s capabilities. The prospective addition of Bitcoin, one of the most popular blockchains, would further augment the platform’s utility.

MetaMask predominantly supports Ethereum, Ethereum Layer 2 solutions, and networks compatible with the Ethereum Virtual Machine (EVM) such as Avalanche, Polygon, Optimism, and Arbitrum. Despite this primary focus, the introduction of Bitcoin support would position MetaMask as a more comprehensive digital wallet platform.

In August 2023, MetaMask achieved a notable milestone by reaching 22 million downloads, making it the most downloaded wallet at that time. The developers have been actively working to improve user experience by incorporating features like Blockaid-based security alerts across various blockchains, staking for Ethereum validators, and tools to check eligibility for airdrops and NFT claims.

Consensys, the primary developer behind MetaMask, secured $450 million in Series D funding in March 2022, led by ParaFi Capital, which resulted in a valuation of approximately $7 billion for the company. In late April, Consensys initiated legal action against the Securities and Exchange Commission (SEC), challenging the regulator’s unclear stance on whether ether should be classified as a security and questioning the SEC’s regulatory jurisdiction over the asset. This lawsuit followed a Wells notice issued by the SEC earlier that month, signaling the regulator’s intention to pursue legal action.

🚨 METAMASK TO ADD BITCOIN SUPPORT

Popular self-custodial wallet MetaMask, which is primarily an Ethereum wallet, has expanded beyond Ethereum with Snaps and plans to add Bitcoin support within the next month, reports CoinDesk.

This move would integrate one of the most popular… pic.twitter.com/wDpUTt3bc0

— Mario Nawfal (@MarioNawfal) May 22, 2024

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