MetaMask, the popular wallet application, is reportedly planning to support Bitcoin (BTC) natively, as part of its efforts to expand its services and products within the Bitcoin ecosystem. According to sources familiar with the matter, this integration is expected to be rolled out in batches starting from June, with additional features being added over time. While MetaMask has neither confirmed nor denied the news, a spokesperson stated that the application currently primarily supports Ethereum and Ethereum-based tokens, such as the ERC-20 standard used for smart contract creation on the Ethereum network. However, Bitcoin users can still utilize MetaMask through workarounds such as wrapped Bitcoin (wBTC), an ERC-20 token that represents Bitcoin on the Ethereum blockchain.
MetaMask has been focused on providing a multichain experience for its users and introduced the Snaps feature in September 2023. This feature allows the application to integrate with non-native blockchains and tokens, including Bitcoin, enabling users to manage their Bitcoin within the MetaMask interface without the need to wrap their tokens in the Ethereum network. Unlike Snaps, which requires developers to set up and familiarize themselves with Bitcoin initially, native support for Bitcoin would offer a more seamless experience for end-users.
In addition to these developments, MetaMask has recently partnered with PayPal to enable users in the United States to purchase Ether (ETH) directly through its wallet. The company has also launched a staking service that allows users to run their own Ethereum validator node by depositing 32 ETH.
Despite its success and popularity, MetaMask has faced security challenges, including phishing campaigns and a breach involving a third-party provider that impacted nearly 7,000 users. With over 30 million monthly active users, MetaMask continues to be a prominent player in the crypto space and aims to offer enhanced services to its growing user base.