MetaMask, a leading self-custodial wallet, plans to integrate support for Bitcoin (BTC).
MetaMask's new integration could increase due to this change, as it is mainly recognized for its prevalence in the Ethereum community.
The specific timing of this incorporation is currently uncertain. Nevertheless, reports indicate that users may have access to Bitcoin MetaMask features in the coming month.
The features might be limited initially, but they will expand over time.
A MetaMask spokesperson said, "We’re excited about MetaMask’s commitment to embracing the multi-chain world of Web3 and continually exploring new integrated features to enhance the usability and security of the leading self-custodial wallet. 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."
Currently, MetaMask does not provide direct support for the bitcoin blockchain.
Users who wish to make Bitcoin-related transactions in MetaMask must either use Wrapped Bitcoin (WBTC), an ERC-20 standard token representing Bitcoin on the Ethereum blockchain, or utilize Metamask’s feature, Snaps.
MetaMask and Snaps
In September 2023, BeInCrypto stated that MetaMask had unveiled the introduction of Snaps. This functionality allows users to incorporate applications with non-native blockchains and tokens, such as Bitcoin.
Through Snaps, users can manage their BTC using the MetaMask interface. However, developers must first establish and comprehend Bitcoin.
Consequently, having native Bitcoin support in MetaMask would streamline this procedure, providing users with a more straightforward experience.
The anticipated Bitcoin integration into MetaMask also favors non-fungible token (NFT) enthusiasts because MetaMask’s integration with Bitcoin is expected to facilitate users’ storage of Ordinals.
Ordinals are satoshis, the smallest unit of Bitcoin, minted and embedded with unique information such as text, images, or other digital assets, effectively mirroring a Bitcoin adaptation of NFTs.
Should MetaMask’s integration with Bitcoin materialize, it could enhance the experience for Ordinals holders.
Juanse, an active member of Bitcoin’s Ordinal community, expressed his excitement on his X handle, stating, "I don’t care what you think about MetaMask, they’re the wallet with the most active users in the world. Send Ordinals and Runes higher."
And now we have MetaMask making moves towards Bitcoin.
— Juanse (@The0xJuan) May 22, 2024
I don’t care what you think about MetaMask, they’re the wallet with the most active users in the World.
Send Ordinals and Runes higher. pic.twitter.com/nBWcWHgIdR
MetaMask’s Growth and Development
According to a report from CoinMarketCap, in August 2023, MetaMask achieved a notable milestone by reaching 22 million downloads, making it the most downloaded wallet at that time. However, the developers have been working actively to improve its user experience by introducing new features like Blockaid-based security alerts across various blockchains, staking for Ethereum validators, and tools to check eligibility for airdrops and NFT claims.
Additionally, Consensys, the primary developer behind MetaMask, secured $450 million in Series D funding in March 2022, led by ParaFi Capital, resulting in a valuation of approximately $7 billion for the company. This funding has enabled MetaMask to continue innovating and expanding its features.
Moreover, integrating Bitcoin would strengthen MetaMask’s position in the crypto wallet market, potentially attracting new users primarily interested in Bitcoin.
The move could lead to further developments in the interoperability of different blockchains on Metamask, making the platform even more versatile.