Winklevoss-led Gemini exchange reveals upgraded cryptocurrency wallet with SegWit support

Cryptocurrency exchanges and wallets have been in the news multiple times of late due to crucial updates or news about them delisting certain cryptocurrencies because of issues within the community. In terms of developments, Gemini, the Winklevoss brothers-founded cryptocurrency exchange, was in the news when the company’s cryptocurrency wallet was upgraded with the full support of SegWit.

In an official release, Gemini stated:

“As part of the upgrades this year, we introduced support for Segregated Witness (SegWit) addresses and transaction batching. As our customers may have noticed this means that SegWit addresses — which begin with bc1 — can now be used for Bitcoin deposits and withdrawals. Both of these improvements required end-to-end integration through our online and offline signing systems (along with many other efforts).”

The organization stated that the decision to upgrade to SegWit was made after much deliberation because the upgrades that came following it would be dependent on it. According to the organization, the upgrade represents the move towards the future of money and a more positive cryptocurrency atmosphere. They further added:

“As SegWit’s use, support, and adoption grows, it will help reduce fees, wait times, and network congestion. Critically, SegWit transactions lay the groundwork for more advanced technologies; of which the Lightning network is the most well-known. We believe SegWit will become the standard, and in doing so, will create extensive benefits for all participants on the Bitcoin network.”

Gemini also recommended users to move into the process of using a SegWit address, which starts with ‘bc1’. The use of SegWit technology has definitely been on the rise as shown by a report that said that SegWit spending payments had reached an all-time high of close to 50 percent. Just three weeks back,, a data calculator had revealed that the percentage of SegWit spending payments had reached a peak of 48.72 percent.

Avatar-X, a Redditor, said:

“Just a reminder: Segwit adoption would already be over 70% if bc(.)com and bitpay had added Segwit support in 2018. It is late march of 2019 and they have yet to add it. Mycelium took a long time to add it. But to their credit they delivered. When it comes to bc(.)com and bitpay not even a peep about it. I mean even BitGo now has segwit support.”

The post Winklevoss-led Gemini exchange reveals upgraded cryptocurrency wallet with SegWit support appeared first on AMBCrypto.