- Although plans remain tentative, MetaMask may enable Bitcoin within the next month, according to CoinDesk.
- With the addition of Snaps, MetaMask has already surpassed the Ethereum ecosystem, but millions of transactions might be added to the platform if Bitcoin support is added.
The well-known self-custodial hot wallet is hoping to support Bitcoin BTC -0.00057%, according to CoinDesk, which cites sources with knowledge of the situation.
Within the next month, the wallet provider hopes to launch support for Bitcoin, though those plans could change.
Features for Bitcoin might be modest and expand over time. With the addition of Snaps, MetaMask already went outside the Ethereum ecosystem, but this move would bring one of the most well-liked blockchains to the most well-liked digital wallet platforms.
Ethereum, Ethereum Layer 2s, and networks compatible with the Ethereum Virtual Machine (EVM), including Avalanche, Polygon, Optimism, and Arbitrum, are the main platforms supported by MetaMask. But in September 2023, MetaMask added Snaps, a kind of JavaScript application, and went beyond the Ethereum environment.
As of August 2023, MetaMask had amassed 22 million downloads, making it the most widely used wallet. Other features that the wallet’s developers have implemented recently to improve user experience include Ethereum validator staking, Blockaid-based security alerts for several blockchains, and a tool that allows users to verify their eligibility for airdrops and NFT claims.
The main developer of MetaMask, Consensys, raised $450 million in Series D funding, which was spearheaded by ParaFi finance. As a result, in March 2022, Consensys was valued at $7 billion.
In late April, the company filed a lawsuit against the Securities and Exchange Commission, citing the regulator’s inconsistent positions on the classification of ether as a security and the extent of its regulatory authority over assets. Earlier that month, the SEC had sent out a Wells notice, noting that it intended to take the recipient to court.
On May 22, the price of bitcoin was $70,240. 14.48 million transactions were placed on the Bitcoin network in April.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
