MetaMask says that its new “Snaps” will allow users to enjoy features from other networks including Bitcoin.
Leading Ethereum-focused crypto wallet MetaMask is expanding its services to provide support for other networks. The ConsenSys-developed software crypto wallet is launching a MetaMask Snaps feature that provides support for leading crypto Bitcoin (BTC). In a Twitter thread, MetaMask posted a YouTube video showcasing the step-by-step application and setup for Snaps.
More on the MetaMask Bitcoin Feature
According to MetaMask, Snaps is a system that allows anyone to safely expand the capabilities of the Ethereum-based crypto wallet. In addition, MetaMask also explained that:
“Snaps are run in an isolated environment where they have access to a limited set of capabilities, determined by the permissions they were granted by the user during installation. As with MetaMask’s Ethereum Provider RPC API, Snaps communicate with MetaMask using JSON-RPC.”
Some of the basic functionalities of Snaps include adding new APIs to MetaMask and support for different blockchain protocols. In addition, a “Snap” is also capable of modifying existing functionality using internal APIs and creating Web3 end-user experiences.
MetaMask also provided prerequisites – including an up-to-date Chromium or Firefox browser, to use its Snaps feature. In addition to these, the crypto wallet provider also shed light on its MetaMask Flask as a separate extension for developers. This extension provides access to additional APIs, with the ultimate goal of maximizing developer control. According to MetaMask, the feedback acquired from the Flask feature is incorporated into the main platform’s distribution.
MetaMask states that Snaps is the first feature to launch on Flask.
Furthermore, MetaMask is also integrating with some prominent crypto custodians to expand offerings. This will see the launch of an institutional version of their popular Ethereum-based wallet, dubbed MetaMask Institutional (MMI).
The four major digital currency custodians in question are Hex Trust, Paraffin, Gnosis Safe, and GK8. Additionally, just like the Snaps feature, the MetaMask Institutional initiative is part of the platform’s overarching active expansion scheme this year.
MMI will provide decentralized autonomous organizations (DAOs) with the management tools required to participate in DeFi activities. In addition, the institutional version will also grant corporate access to DeFi and Web3 while catering to their compliance needs.
According to Harriet Browning, EMEA (Europe, the Middle East, and Africa) business lead at MetaMask’s parent company ConsenSys:
“[MetaMask Institutional] enabling crypto needed funds, exchanges, traditional institutions, enterprise, DAOs, a whole host of different user profiles, enabling them to engage on a secure, well-managed risk-managed framework.”
Furthermore, Browning also elaborated on the primary difference between MMI and MetaMask’s primary web browser plugin and wallet. According to Browning, this difference, which has to do with asset management, sees assets stored in MetaMask’s primary wallet as non-custodial. Meanwhile, those stored in MetaMask Institutional are custodial.
Browning concluded by explaining that:
“For institutional security, we have replaced the hardware wallet with a range of custodial partners, to provide essential asset security.”