Wallet providers introduce BRC-20 token support despite market drawdown
On June 21, self-custody wallet provider BitKeep announced support for BRC-20 tokens issued on the Bitcoin network. With the feature, users can view, rank and transfer BRC-20 tokens and nonfungible tokens (NFTs). Developers also stated BRC-20 in-wallet swaps are coming “in [the] future."
Last month, cryptocurrency exchange OKX also announced support for BRC-20 assets via the OKX Wallet app. Many centralized and decentralized exchanges have also rolled out BRC-20 support.
Although bullish on its outlook, Trust Wallet currently does not support BRC-20 tokens. They also cannot currently be stored on MetaMask.
Best wallet for your #BRC20 assets! ️ Great news: BitKeep now supports #BTC #Taproot addresses! Easily manage your #Ordinals BRC20 Token/NFT assets in BitKeep wallet, and complete transactions with a simple click In future, we will also support the BRC20 #Swap function! pic.twitter.com/W48wsNH5kh
Despite adoption, however, the current market cap of BRC-20 tokens is $154.5 million, representing a nearly 85% decline from its all-time high in May during the peak of the memecoin craze. Although originally aided by investor interest in minting BRC-20 NFTs, the vast majority of BRC-20 tokens’ market cap currently consists of memecoins such as WZRD, PIZA and PEPE.
As told by BitKeep, BRC-20 is a new token standard that utilizes Ordinals and Inscriptions to create new assets on Bitcoin (BTC). Ordinals enable the creation of fungible tokens on top of Bitcoin. Meanwhile, Inscriptions allow users to create unique digital assets on the Bitcoin blockchain. Together, they form the BRC-20 token standard that allows users to deploy, mint and transfer Bitcoin assets.
Unlike the ERC-20 token standard, BRC-20 tokens cannot perform complex
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