MetaMask, a popular wallet application, is reportedly planning to add support for Bitcoin (BTC). This move is part of the company’s efforts to expand its services and products within the Bitcoin ecosystem. According to sources familiar with the matter, the integration could be available as early as June and will be delivered in batches, with additional features being added over time.
While MetaMask has not confirmed or denied the news, a spokesperson mentioned that the application primarily focuses on supporting Ethereum and Ethereum-based tokens, such as the ERC-20 standard. However, Bitcoin holders can still use MetaMask by employing workarounds like wrapped Bitcoin (wBTC), which is an ERC-20 token representing Bitcoin on the Ethereum blockchain.
Over the past few years, MetaMask has been dedicated to providing a multichain experience for its users. In 2023, the company introduced a feature called Snaps, enabling integration with non-native blockchains and tokens, including Bitcoin. This feature allows users to manage their Bitcoin within the MetaMask interface without the need to wrap their tokens in the Ethereum network.
While Snaps requires developers to set up and understand Bitcoin initially, native support for Bitcoin would offer a more straightforward experience for end-users.
MetaMask has recently made significant business developments, including a partnership with PayPal that allows users in the United States to buy Ether (ETH) directly through the wallet. Additionally, they have introduced a new staking service, enabling users to run their own Ethereum validator node with a deposit of 32 ETH.
Despite its popularity, MetaMask has faced security challenges, such as phishing campaigns and a recent breach involving a third-party provider that affected around 7,000 users.
In conclusion, MetaMask is reportedly working on adding native support for Bitcoin, expanding its services to cater to Bitcoin holders. The integration is expected to be available in June, with features being added gradually. MetaMask’s recent developments, including partnerships and new services, demonstrate their commitment to enhancing the user experience within the cryptocurrency ecosystem. However, the company has also faced security issues that need to be addressed to ensure the safety of its users.