Ethereum

Bitcoin could come to the largest crypto wallet on Ethereum

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6 months ago

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Photo: José Cabezas (Reuters)

Popular cryptocurrency wallet MetaMask may soon add Bitcoin support, CoinDesk reports. An anonymous source cited by the outlet said access could be granted within the next month, while another mentioned the feature was not yet finalized. Features may be initially limited and then expanded over time.

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Consensys, a blockchain software company, created MetaMask to connect users to the Ethereum blockchain ecosystem. The wallet supports Ethereum and Ethereum Virtual Machines (EVM), such as Avalanche, Polygon, Optimism and Arbitrum.

Currently, MetaMask does not directly facilitate the acquisition of Bitcoin. Users must transact using Wrapped Bitcoin (WBTC). A Wrapped Bitcoin is a tokenized version of Bitcoin that runs on the Ethereum blockchain. It is pegged 1:1 to Bitcoin, so one wrapped Bitcoin is always equal to one Bitcoin. It acts as a bridge between Bitcoin and Ethereum. decentralized applications (dApps). If the CoinDesk report comes to fruition, MetaMask users will soon be able to add Bitcoin directly.

This is not the first time MetaMask has expanded beyond the Ethereum ecosystem. In 2023, the company added a feature called Snaps. Snaps are JavaScript applications that enable cross-chain interoperability, allowing different blockchain networks to communicate and interact without intermediaries.

Users have downloaded MetaMask apps more than 22.66 million times, according to CoinGecko.

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