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Consensys unveils new feature for metamask wallet users

Consensys

TL;DR Breakdown

  • Consensys adds a new feature to the metamask wallet
  • Each transfer is capped at $10,000
  • Metamask has plans to release a general version

Blockchain firm Consensys has announced that it will unveil a new inter-blockchain feature that will be integrated into the Metamask wallet. The announcement mentions that Metamask wallet users can now bridge their tokens across several supported blockchains. The feature in question, Metamask Bridge combines all the blockchains in one place and is accessible on the wallet.

Consensys caps individual transfers at $10,000

The statement also mentioned that the wallet will provide support to major blockchains that are compatible with the EVM. Some of these include Ethereum, Binance Smart Chain, and others. The firm also mentioned that the bridge would support wrapped Ethereum, tokens using gas, and some stablecoins. The new feature will also see Metamask users access different kinds of blockchains without the need for background research to determine which is more compatible.

In her statement, the product manager of the firm, Angela Potter, mentioned that the different blockchains support varieties of tokens. These bridges vary in several areas, including costs and the like. She mentioned that the Metamask bridge has a list of carefully selected bridges, and at the tap of a button, it will direct users to the best one.

Metamask has plans to roll out a general version

According to the update, the new update is available to users in the beta app and can access it via the portfolio tab. The tab is also a new feature that allows users to view a list of their wallets in one place. The company also clarified that the update would not incur fees on the part of the traders. However, transfers using the bridge are capped at $10,000 for an individual transaction. The product manager also mentioned that the company would decide when the rollout would be available to other users.

The wallet was designed and launched in 2016 to provide support for cryptocurrencies that were developed on the Ethereum blockchain. Despite its popularity since then, the wallet has refused to add support for Bitcoin. Executives of the company have also clarified that Consensys has no plans to add a Bitcoin bridge in the coming years. However, Potter mentioned that there are other methods that users have been accessing Bitcoin bridges over the last few months.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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