Reports suggest that MetaMask is preparing to support native Bitcoin transactions. The company has not provided a timeline or confirmed the plans.
Wallet application MetaMask is reportedly working to support native Bitcoin, joining several firms looking to expand services and products across the Bitcoin ecosystem.
The integration could be available in June and delivered in batches, with features expanding over time, notes a report citing sources familiar with the matter. In response to Cointelegraph, MetaMask has not confirmed or denied the news. A spokesperson said:
“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.”
MetaMask primarily supports Ethereum and Ethereum-based tokens, such as the ERC-20 standard, which is used for creating and issuing smart contracts on the Ethereum network. Bitcoin holders wishing to use MetaMask can opt for some workarounds, such as using wrapped Bitcoin (wBTC) — an ERC-20 token that represents Bitcoin on the Ethereum blockchain.
MetaMask has focused on providing a multichain experience for its users over the past few years. In September 2023, the company introduced a new feature dubbed Snaps, allowing the application to integrate with non-native blockchains and tokens, including Bitcoin. Through this feature, users can manage their Bitcoin within the MetaMask interface without needing to wrap their tokens in the Ethereum network.
Unlike Snaps, which can require developers to set up and understand Bitcoin initially, native support for Bitcoin would be a more straightforward experience for end-users.
Recent business developments and features released by MetaMask include a partnership with PayPal to allow users in the United States to buy Ether directly through its wallet and a new staking service that allows users to run their own Ethereum validator node with a deposit of 32 ETH.
With over 30 million monthly active users, MetaMask has been targeted by various phishing campaigns and other security incidents, including a recent breach involving a third-party provider that affected nearly 7,000 users.
Source: cointelegraph.com
