By Mark Hunter
6 hours agoThu May 23 2024 07:59:27
Reading Time: 2 minutes
MetaMask may be about to add native support for Bitcoin
Sources told Coindesk that the addition is in the pipeline
Bitcoin has become more multifunctional recently with the addition of Taproot
Ethereum-based wallet giant MetaMask could be about to cross the crypto divide and add a native Bitcoin wallet. Coindesk reports that two sources have informed it that the Consensys-owned wallet will add Bitcoin support, although the timeline and functionality remain unknown. With the introduction of Taproot, Bitcoin has gone from being just a cryptocurrency to a smart contract platform, and it could be this utility that is drawing MetaMask’s attention. The wallet operator refused to confirm the rumors, but did tell users to “Stay tuned for further updates.”
MetaMask Still Leads the Way
MetaMask is primarily known for supporting Ethereum and networks compatible with the Ethereum Virtual Machine (EVM) such as Avalanche, Polygon, Optimism, and Arbitrum, but it expanded beyond the Ethereum ecosystem in September 2023 by incorporating Snaps, a type of JavaScript application.
The wallet’s prominence is unsurpassed, with 30 million active monthly users and 22 million downloads recorded in August 2023 alone. The wallet’s developers have also enhanced user experience with features like Blockaid-based security alerts for various blockchains, Ethereum validator staking, and tools for checking eligibility for airdrops and NFT claims.
Since the introduction of Ethereum nearly a decade ago, which extended blockchain capabilities beyond Bitcoin by supporting smart contracts, MetaMask has helped users navigate the smart contract-based environment.
“Stay Tuned”
MetaMask currently facilitates Bitcoin interaction through Wrapped Bitcoin (WBTC), an ERC-20 token that bridges Bitcoin to Ethereum’s decentralized apps, but having a native Bitcoin wallet would be a huge deal. The inclusion of features like NFT-like Ordinals and Runes has brought similar functionalities to Bitcoin, but whether MetaMask will support these enhancements remains to be seen.
The company would not be drawn on the development, with a spokesman telling Coindesk, “While we can’t confirm any timeline for specific developments at this time, we’re always working on innovations to serve our users better. Stay tuned for further updates when we’re ready to share more.”
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