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MetaMask, a widely used self-custody hot wallet, is considering adding support for bitcoin in the near future, potentially within the next month. Plans are not yet finalized and remain tentative and subject to change, bitcoin integration could significantly increase the number of transactions on the platform. bitcoin's initial features may be limited, but are expected to expand over time.
Substantial expansion expected with bitcoin support on the horizon
Previously, MetaMask had expanded beyond the ethereum ecosystem through the introduction of Snaps, a type of JavaScript application, in September 2023. This integration has already marked a significant improvement in the wallet's capabilities. The possible addition of bitcoin, one of the most popular blockchains, would further increase the platform's usefulness.
MetaMask predominantly supports ethereum, crypto-basics/what-are-ethereum-layer-2-blockchains-and-how-do-they-work”>ethereum Layer 2 Solutionsand ethereum Virtual Machine (EVM)-compatible networks such as Avalanche, Polygon, Optimism, and Arbitrum. Despite this primary focus, the introduction of bitcoin support would position MetaMask as a more complete digital wallet platform.
In August 2023, MetaMask achieved a notable milestone by reaching 22 million downloads, becoming the most downloaded wallet at the time. Developers have been actively working to improve the user experience by incorporating features such as Blockaid-based security alerts on various blockchains, betting on ethereum validators, and tools to verify eligibility for airdrops and nft claims.
Consensys, the lead developer behind MetaMask, raised $450 million in Series D funding in March 2022, led by ParaFi Capital, resulting in a valuation of approximately $7 billion for the company. In late April, Consensys launched legal action against the Securities and Exchange Commission (SEC), challenging the regulator's unclear stance on whether ether should be classified as a security and questioning the SEC's regulatory jurisdiction over the asset. This lawsuit followed a Wells notice issued by the SEC earlier that month, which indicated the regulator's intention to take legal action.
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METAMASK TO ADD bitcoin SUPPORT
Popular self-custody wallet MetaMask, which is primarily an ethereum wallet, has expanded beyond ethereum with Snaps and plans to add support for bitcoin over the next month, CoinDesk reports.
This movement would integrate one of the most popular… pic.twitter.com/wDpUTt3bc0
– Mario Nawfal (@MarioNawfal) twitter.com/MarioNawfal/status/1793368458840953014?ref_src=twsrc%5Etfw”>May 22, 2024
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