Thursday, 20 June 2024

Crypto News

MetaMask set to integrate native Bitcoin functionality

MetaMask set to integrate native Bitcoin functionality

  • MetaMask integrating native Bitcoin support, bridging Ethereum-Bitcoin gap.
  • Although no exact timelines, the integration is expected within a month.
  • Currently, MetaMask uses Wrapped Bitcoin (WBTC) to bridge Bitcoin to Ethereum’s decentralized applications.

MetaMask, renowned as the most-used Ethereum (ETH) wallet, is poised to transcend one of the biggest tribal divides in the crypto sphere by extending support to Bitcoin (BTC).

The move, anticipated within the next month, will mark a significant step towards interoperability in the ever-expanding world of cryptocurrencies.

This news comes at the backdrop of Metamask’s integration with Coinbase Onramp allowing Coinbase users with an active Coinbase account to seamlessly buy and transfer crypto directly to their MetaMask wallet by selecting the Coinbase Pay option.

Bitcoin addition part of MetaMask’s multi-chain approach

This development underscores MetaMask’s commitment to embracing a multi-chain approach in the Web3 landscape.

Currently, MetaMask does not directly facilitate Bitcoin transactions but utilizes Wrapped Bitcoin (WBTC), an Ethereum-compatible ERC-20 token, to bridge Bitcoin to Ethereum’s decentralized applications.

However, the forthcoming integration of native Bitcoin functionality within MetaMask holds the potential to streamline user interactions across different blockchain ecosystems, fostering greater interoperability and expanding the utility of both Ethereum and Bitcoin for users worldwide.

With over 30 million monthly active users, MetaMask serves as a vital gateway into the world of decentralized applications (dApps) and non-fungible tokens (NFTs) on the Ethereum blockchain.

As Ethereum continues to pioneer innovations like smart contracts, MetaMask has played a crucial role in facilitating user navigation within this smart contract-based environment.

Now, with plans to incorporate Bitcoin functionality, MetaMask is poised to broaden its utility and appeal to a wider audience of cryptocurrency enthusiasts.

No exact timeline for the integration

While the exact timeline for the integration remains uncertain, sources familiar with the matter suggest that access to native Bitcoin functionality could arrive within the MetaMask platform in the coming month.

However, the specific features and capabilities of Bitcoin support are yet to be finalized. It is…

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