Key Points
- MetaMask, a popular self-custodial hot wallet, plans to incorporate Bitcoin support.
- The wallet provider currently supports Ethereum, Ethereum Layer 2s and networks compatible with the Ethereum Virtual Machine.
MetaMask, a widely used self-custodial hot wallet, is reportedly planning to include support for Bitcoin.
The wallet provider is expected to introduce Bitcoin features within the coming month, although these plans may be subject to change.
MetaMask’s Expansion
While MetaMask has already broadened its scope beyond the Ethereum ecosystem by incorporating Snaps, the addition of Bitcoin would integrate one of the most prevalent blockchains onto one of the leading digital wallet platforms.
MetaMask primarily supports Ethereum, Ethereum Layer 2s, and networks that are compatible with the Ethereum Virtual Machine (EVM), such as Avalanche, Polygon, Optimism, and Arbitrum.
In September 2023, MetaMask extended its reach beyond the Ethereum ecosystem by implementing Snaps, a type of JavaScript application.
MetaMask’s Popularity and Features
With 22 million downloads in August 2023, MetaMask was the most downloaded wallet. The wallet’s developers have recently introduced additional features to enhance user experience, including Blockaid-based security alerts for several blockchains, Ethereum validator staking, and a feature that allows users to verify their eligibility for airdrops and NFT claims.
Consensys, the main developer behind MetaMask, secured $450 million in Series D funding led by ParaFi capital in March 2022, resulting in a $7 billion valuation for Consensys.
In late April, the firm filed a lawsuit against the Securities and Exchange Commission over the regulator’s conflicting views on whether ether is a security and if the regulator has jurisdiction over the asset’s regulation.
As of 12:45 p.m. ET (16:45 UTC) on May 22, Bitcoin was trading at $70,240. Data indicates that the Bitcoin network processed 14.48 million transactions in April.
