Bitcoin May be Available on Ethereum’s Largest Crypto Wallet
Although MetaMask is a significant player in the Ethereum ecosystem, it is about to bridge one of the most significant rifts in the cryptocurrency community.
Two individuals familiar with the situation have stated that native bitcoin (BTC) is being integrated into MetaMask, the most popular Ethereum wallet.
As the leading wallet on the Ethereum (ETH) blockchain, MetaMask holds a significant position in the ecosystem. Its plans to extend support for Bitcoin (BTC) could potentially bridge one of the largest divides in the cryptocurrency space, offering a promising future for the community, as shared by two individuals with direct knowledge of the situation.
Although the timeframe is unknown, one source indicated that access to MetaMask might happen in the upcoming month. According to a different source, the precise features of Bitcoin may initially be restricted and then gradually expanded.
Metamask to host Bitcoin
MetaMask does not directly facilitate Bitcoin purchases, requiring users to utilize wrapped Wrapped (WBTC) for all transactions. However, with the potential integration, users can add Bitcoin directly, potentially eliminating the need for WBTC.
One Wrapped Bitcoin is always equal to one Bitcoin because it is pegged at a 1:1 ratio to the latter. It serves as a link between the decentralized applications (dApps) of Ethereum and Bitcoin. If the report proves accurate, users of MetaMask will soon be able to add Bitcoin directly.
For over 30 million monthly active users, MetaMask’s Ethereum wallet serves as their entry point into the Web3 world of decentralized apps and non-fungible tokens, or NFTs. Ethereum, which debuted nearly ten years ago, added support for smart contracts, or software essentially built on top of a blockchain, expanding the possibilities of what a blockchain could do beyond what Bitcoin pioneered.
MetaMask helps users navigate a smart contract-based environment. Similar features, such as NFT-like Ordinals and Runes, have been added to Bitcoin since the beginning of the year, allowing meme coins to be created on the platform. It’s unclear if MetaMask support will enable users to take advantage of these Bitcoin enhancements.
MetaMask was developed by Consensys, a blockchain software company led by Joe Lubin, a co-founder of Ethereum, to link users to the Ethereum blockchain ecosystem. The wallet supports Ethereum and Ethereum Virtual Machines (EVMs), including Avalanche, Polygon, Optimism, and Arbitrum.
“We’re excited about MetaMask’s commitment to embracing the multi-chain world of web3 and continually exploring new integrated features to enhance the usability and security of the leading self-custodial wallet,” an email from a MetaMask representative stated in response to a question about the development plans.
“We’re constantly working on innovations to serve our users better, even though we cannot confirm a timeline for any specific developments at this time. When we’re ready to share more, keep checking back for more updates.”Â
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