MetaMask intends to add support for Bitcoin

MetaMask, one of the most popular digital wallets on the market, is preparing to add support for Bitcoin. The information was released by CoinDesk, citing sources familiar with the company’s plans. The expectation is that the wallet will launch support for Bitcoin next month. However, these plans may change.

Today, MetaMask is widely recognized for its support for Ethereum, Ethereum Layer 2s, and Ethereum Virtual Machine (EVM) compatible networks such as Avalanche, Polygon, Optimism, and Arbitrum.

In September 2023, MetaMask expanded its functionality beyond the Ethereum ecosystem by including Snaps. This is a type of JavaScript application that allows integration with various additional services and functionalities. With the inclusion of Bitcoin, MetaMask will now support one of the most popular blockchains, further expanding its reach and usefulness.

MetaMask intends to launch support for Bitcoin

The initial features for Bitcoin on MetaMask should be basic. However, there are plans to expand these features over time, as reported by CoinDesk. This move aims to meet users’ growing demand for a wallet that supports multiple cryptocurrencies, facilitating the management and secure storage of digital assets.

In terms of popularity, MetaMask stands out in the market. In August 2023, the wallet reached the mark of 22 million downloads, consolidating itself as the most popular in its category. To further improve the user experience, developers have been adding new features. These include, for example, Blockaid-based security alerts for various blockchains, Ethereum validator staking tools, and a feature that allows users to check their eligibility for airdrops and NFT claims.

Consensys, the company responsible for developing MetaMask, has shown its capacity for innovation and growth. In March 2022, Consensys raised $450 million in a Series D funding round led by ParaFi Capital, reaching a valuation of $7 billion.

Recently, Consensys filed a lawsuit against the US Securities and Exchange Commission (SEC) over a dispute over Ether’s classification as a security and the regulator’s jurisdiction over the asset. In April, the SEC issued a notice from Wells to Consensys, indicating its intention to initiate legal action against the company.

Meanwhile, Bitcoin continues to show its strength in the market. On May 22, the cryptocurrency was trading at $69,580. In the previous month, the Bitcoin network recorded 14.48 million transactions, demonstrating its robustness and growing adoption.