Ethereum’s leading wallet, MetaMask, is reportedly planning to add native Bitcoin support, potentially expanding its multi-chain capabilities and further enhancing its user offerings.
Is Bitcoin Coming To MetaMask?
According to sources familiar with the matter, MetaMask, the leading Ethereum-based crypto wallet, is set to bridge a significant gap in the cryptocurrency world by adding support for Bitcoin (BTC). While the exact timeline remains unclear, one insider suggests that access might be available within the next month. Another source, however, indicated that the feature is still under development, with several aspects yet to be finalized.
MetaMask's Multi-Chain Ambitions
MetaMask, developed by Consensys, has primarily connected users to Ethereum’s blockchain, making it the most-used wallet within that ecosystem. While MetaMask does not directly facilitate Bitcoin transactions, users can engage with Wrapped Bitcoin (WBTC), a tokenized version of Bitcoin that operates on the Ethereum blockchain and is pegged 1:1 to Bitcoin. This token serves as a bridge between Bitcoin and Ethereum’s decentralized applications (dApps).
A MetaMask spokesperson commented,
“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."
Expanding Beyond Ethereum
This potential expansion is not MetaMask’s first venture beyond Ethereum. In 2023, MetaMask introduced Snaps, JavaScript applications enabling cross-chain interoperability, allowing different blockchain networks to interact without intermediaries.
Additionally, in March 2024, MetaMask was reportedly testing an entirely on-chain payment card utilizing Mastercard’s payment network, aiming to create a decentralized Web3 payment solution.
MetaMask has already helped users navigate a smart contract-based environment built on Ethereum and supports Ethereum Virtual Machine (EVM) networks like Avalanche, Polygon, Optimism, and Arbitrum.
Potential Implications and Market Impact
If the addition of native Bitcoin support materializes, MetaMask users will soon be able to manage Bitcoin directly within the wallet. Beyond basic BTC support, integrating Bitcoin token offerings like Ordinals and Runes could significantly boost the Bitcoin ecosystem. With over 30 million monthly active users, MetaMask’s adoption of Bitcoin might reposition it as a leading multi-chain wallet.
This move comes as MetaMask faces growing competition from newer wallets like Magic Eden Wallet and Phantom, which have gained traction by catering to multi-chain crypto users. Combined with the capabilities of MetaMask Snaps, the integration of native Bitcoin support indicates that MetaMask is poised to remain competitive in the evolving multi-chain landscape.
Disclaimer: 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.
