MetaMask intends to add Bitcoin support: report

Quick Take

  • MetaMask could add Bitcoin support within the next month, though plans aren’t firm, CoinDesk reports. 
  • Though MetaMask already expanded beyond the Ethereum ecosystem with the inclusion of Snaps, adding Bitcoin support could bring millions of transactions onto the platform. 

The popular self-custodial hot wallet is looking to add Bitcoin support, reports CoinDesk citing people familiar with the matter.  

The wallet provider hopes to roll out Bitcoin support within the next month, but those plans are subject to change. Bitcoin features could start small and grow over time, CoinDesk adds. Though MetaMask already expanded beyond the Ethereum ecosystem with the inclusion of Snaps, the move would add one of the most popular blockchains onto the most popular digital wallet platforms. 

MetaMask primarily supports Ethereum, Ethereum Layer 2s and networks compatible with the Ethereum Virtual Machine (EVM), such as Avalanche, Polygon, Optimism and Arbitrum. However, MetaMask expanded beyond the Ethereum ecosystem when it included Snaps, a type of JavaScript application, in September 2023. 

MetaMask was the most popular wallet by downloads, hitting 22 million downloads in August 2023. The wallet's developers recently added other features to bolster user experience, such as incorporating Blockaid-based security alerts for numerous blockchains, Ethereum validator staking and a feature letting users check their eligibility for airdrops and NFT claims. 

Consensys, MetaMask's core developer, raised $450 million in Series D funding led by ParaFi capital, giving Consensys a $7 billion valuation in March 2022. The firm sued the Securities and Exchange Commission in late April regarding the regulator's contradictory stance over whether ether is a security and if the regulator has jurisdiction over the asset's regulation. The SEC had issued a Wells notice, which notes an intent to pursue legal action against the recipient, earlier that month. 

Bitcoin traded at $70,240 at 12:45 p.m. ET (16:45 UTC) on May 22. The Block's Data Dashboard shows that the Bitcoin network saw 14.48 million transactions in April.


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

Editor

To contact the editor of this story:
Lawrence Lewitinn at
[email protected]