MetaMask Mulls Incorporating Native Bitcoin Support Amid Expanding Crypto Services
Summary:
Crypto wallet MetaMask is purportedly planning to add native Bitcoin support, widening its offering beyond its current focus on Ethereum and Ethereum-based tokens. The planned features, expected to roll out from June, are set to provide a more straightforward experience for end-users. The report comes amidst other recent developments such as a MetaMask-Paypal partnership allowing US users to buy Ether directly through its wallet. As of now, MetaMask reportedly boasts over 30 million active monthly users.
Crypto wallet service, MetaMask, is potentially planning to incorporate native Bitcoin (BTC) support, joining a host of firms seeking to broaden their reach within the Bitcoin sphere. A report citing inside sources suggests that this addition may roll out in stages starting from June, widening its features progressively. When asked for confirmation by Cointelegraph, MetaMask neither confirmed nor denied the report. A representative stated, "We can’t specify any timelines for particular developments at the moment. However, we're continuously working on ingenious methods to enhance our services for our users. We'll release more updates when we have more to reveal."
Currently, MetaMask supports Ethereum and Ethereum-based tokens principally, such as tokens formed and issued using the ERC-20 standard for smart contracts on the Ethereum network. Bitcoin owners wanting to use MetaMask can choose alternative options like wrapped Bitcoin (WBTC), an ERC-20 token that equates to Bitcoin on the Ethereum blockchain.
Over the previous years, MetaMask has concentrated on offering a multichain experience for its users. In September 2023, they launched a feature they named 'Snaps', letting the app synchronize with non-native blockchains and tokens, including Bitcoin. This functionality enables users to control their Bitcoin within MetaMask without having to convert their tokens on the Ethereum network.
In contrast to 'Snaps', which may compel developers to initially understand and establish Bitcoin, native Bitcoin support could provide an effortless experience for end-users.
MetaMask's recent ventures and feature updates include a collaboration with PayPal, letting US users purchase Ether (ETH) directly via its wallet, and a new staking service enabling users to operate their own Ethereum validator node with a 32 ETH deposit.
As MetaMask boasts over 30 million active users monthly, it has been a frequent target of phishing attempts and various security breaches, including a recent hack through a third-party service impacting nearly 7,000 users.
Published At
5/22/2024 9:28:39 PM
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