Bitfinex has implemented SegWit, the next one is Coinbase

Yesterday, the introduction of SegWit technology across the network has passed another important milestone - one of the largest cryptocurrency exchanges added its support, and the second reported that it would add support next week.

Bitfinex adds support for SegWit

Exchange Bitfinex first made an announcement that will begin to support SegWit. Bitfinex processes more than $ 1 billion every day, which makes it one of the largest cryptobirds.

Technical Director Paolo Ardoino (Paolo Ardoino) said that this technology will give users several notable improvements:

«SegWit will provide not only benefits directly for users, but also the basis for the future development of Bitcoin. By supporting SegWit, Bitfinex solves three of the biggest concerns of crypto-enthusiasts: commission, transaction speed, and overall network bandwidth. We are glad that thanks to this we can provide our customers with a reduced commission by 20 percent, as well as faster transactions».

SegWit (short for Segregated Witness, which translates as “a separate witness”), first activated in a Bitcoin network in August, reduces the size of transactions and eliminates the threat of an increase in commission.

As more and more users start sending payments from SegWit addresses, this should lead to an overall increase in network bandwidth, reduce congestion and further reduce commission.

Coinbase will launch a phased launch of SegWit within a few days.

Later that day Coinbase announced that it is completing the integration of SegWit and will begin a phased launch for clients over the next few days, the full functionality will be launched next week.

Following these announcements was followed by another major event in the adoption of SegWit - it was reported that the Bitcoin Core version of 0.16.0 (which is scheduled for release in the coming days) will finally include full support for SegWit.