Gemini Exchange Announces Full Adoption of the SegWit Protocol
Per an official announcement, the cryptocurrency exchange Gemini Trust has confirmed full integration of Segregated Witness (SegWit) addresses to its wallet infrastructure. Gemini hopes its users will benefit from improved processing times and lower bitcoin withdrawal fees.
“We believe SegWit will become the standard, and in doing so, will create extensive benefits for all participants on the Bitcoin network,” Brian KimJohnson, a Gemini software engineer, stated in the post.
The SegWit protocol update was activated in 2017 and, in short, it separates transaction data and digital signature information. As a result, each transaction on the Bitcoin blockchain weighs about 30 to 40 percent less, and general transaction fees are also significantly reduced.
“As block space is limited, any decrease in transaction size allows for more transactions per block and greater overall throughput in the network,” as explained in Gemini’s post.
The announcement also contained a bold claim that SegWit represents a step forward in the broader future of money.
“As SegWit’s use, support, and adoption grows, it will help reduce fees, wait times, and network congestion,” Gemini promised.
While other exchanges, including Coinbase and Bitfinex, have integrated the protocol update into their infrastructures, Gemini claims to be the first exchange to “launch full support of SegWit, complete with native SegWit deposit addresses.”
Gemini’s announcement ended with a call to action, as the exchange implored all of its customers 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,” per the post.
Gemini has made several recent attempts to differentiate itself from other cryptocurrency exchanges and to attract new clients. From its offline ad campaign, which positioned the exchange as the go-to solution for investors, to the launch of its retail investment mobile app that lets users buy and sell crypto on the go.
In a tweet following Binance’s recent decision to delist Bitcoin SV, Gemini co-founder Tyler Winklevoss jokingly noted that his exchange never listed the Bitcoin Cash fork coin in the first place.