MetaMask, the popular self-custodial hot wallet, is reportedly planning to add support for Bitcoin. According to CoinDesk, citing sources familiar with the matter, MetaMask aims to roll out Bitcoin support within the next month, though these plans are subject to change. Initially, the Bitcoin features could be limited, with potential for growth over time.
MetaMask, which primarily supports Ethereum, Ethereum Layer 2s, and Ethereum Virtual Machine (EVM)-compatible networks such as Avalanche, Polygon, Optimism, and Arbitrum, has already expanded beyond the Ethereum ecosystem. In September 2023, it introduced Snaps, a type of JavaScript application. Adding Bitcoin would further extend its capabilities, integrating one of the most popular blockchains into the most widely used digital wallet platform.
As of August 2023, MetaMask had reached 22 million downloads, making it the most popular wallet by downloads. Recently, the wallet’s developers have added features to enhance user experience, including Blockaid-based security alerts for multiple blockchains, Ethereum validator staking, and a tool for checking eligibility for airdrops and NFT claims.
MetaMask’s core developer, ConsenSys, raised $450 million in Series D funding led by ParaFi Capital in March 2022, giving the company a valuation of $7 billion. In late April, ConsenSys sued the Securities and Exchange Commission (SEC) over the regulator’s inconsistent stance on whether ether is a security and its jurisdiction over the asset’s regulation. The SEC had issued a Wells notice earlier that month, indicating its intent to pursue legal action against ConsenSys.