Consensys plans to integrate the Bitcoin network into MetaMask
Date: 2024-05-23 Author: Henry Casey Categories: BLOCKCHAIN
The developer of the popular MetaMask crypto wallet, Consensys, plans to add support for the Bitcoin network. This information became known thanks to CoinDesk sources, who reported on the team’s plans to expand the functionality of the wallet.
Expectations and timing of integration
According to sources, access to the Bitcoin blockchain in MetaMask may appear as early as June 2024. Although the feature set will be limited initially, it will expand over time. This integration will allow wallet users to interact with Bitcoin directly through MetaMask, which will greatly simplify the use of cryptocurrency.
Extending the capabilities of MetaMask
MetaMask has long gone beyond supporting only Ethereum. Today, the crypto wallet supports many other networks, including Polygon, BNB Chain, Base, Avalanche, Arbitrum One and others. However, the possible integration of the Bitcoin network became known for the first time, which aroused great interest among users and analysts.
Official comment from Consensys
A Consensys representative commented on the company's plans as follows:
"We're excited about MetaMask's commitment to embracing the Web3 world and continually exploring new features to improve usability and security. We can't confirm any timelines for specific developments at this time. Stay tuned for when we're ready to share them."
MetaMask audience and current Bitcoin usage
MetaMask currently has more than 30 million monthly active users. Although the wallet does not directly support the Bitcoin network, users can use an Ethereum-compatible ERC-20 token known as Wrapped Bitcoin (wBTC).
Recent MetaMask updates
Earlier this year, the MetaMask development team launched a service for checking airdrops, which was a significant addition to the wallet’s functionality. In addition, the Smart Transactions feature was introduced, aimed at combating MEV bots, which also increases the convenience and security of using the wallet.
Integrating Bitcoin into MetaMask will be an important step in the wallet's development, opening up new opportunities for users and strengthening MetaMask's position as one of the leading cryptocurrency wallets on the market.
