Gemini Exchange Confirms Full Integration of SegWit Protocol

gemini.com

Cryptocurrency exchange Gemini Trust has confirmed through an announcement the full adoption of Segregated Witness (SegWit) addresses to its wallet infrastructure. Gemini expects that its clients will take advantage of its improved processing times and decreased bitcoin withdrawal fees.

Brian KimJohnson, a Gemini software engineer, said, “We believe SegWit will become the standard, and in doing so, will create extensive benefits for all participants on the Bitcoin network.”

The SegWit protocol update was implemented in 2017, effectively separating transaction data and signature information. As an effect, each transaction on the Bitcoin blockchain weighs about 30 to 40 percent less, and general transaction fees are also considerably reduced.

Gemini explained, “As block space is limited, any decrease in transaction size allows for more transactions per block and greater overall throughput in the network.”

The announcement also claimed that SegWit is a step forward in the bigger future of money.

“As SegWit’s use, support, and adoption grows, it will help reduce fees, wait times, and network congestion,” Gemini assured.

Although other exchanges like Coinbase and Bitfinex have linked the protocol update to their system, Gemini asserts that it is the first exchange to “launch full support of SegWit, complete with native SegWit deposit addresses.”

Gemini’s announcement closed with a call to action, as the exchange appealed to all its users to adopt SegWit addresses.

“After extensive testing and development, we know that launching SegWit support is the right decision for our customers at the right time,” Gemini said.

Gemini has recently made numerous attempts to stand out from other cryptocurrency exchanges and to attract more clients. Its offline ad campaign aimed to position itself to be the go-to exchange for investors, along with its retail investment mobile app that allows users to buy and sell crypto anywhere.