Bitfinex allows withdrawing bitcoins to SegWit addresses

The cryptocurrency exchange now supports bech32 addresses.
The platform also added new charting tools for derivative trading.

Tanya Abrosimova Independent Analyst

Cryptocurrency exchange Bitfinex added support for bitcoin withdrawals to bech32 addresses. This is a native Segwit address format that consists only of lowercase letters and offers greater protection against typing errors as it is not case-sensitive.

"Bitfinex has been supporting Bitcoin withdrawals on Pay To Script Hash (P2SH) wrapped addresses. This address format starts with the number 3. As bech32 addresses only exist on the Bitcoin network, our new support for Bitcoin withdrawals to bech32 addresses removes the possibility of our clients experiencing any cross-chain mix-ups," the company explained.

This format is also supported by Gemini and Kraken, while in October, the head of Binance Changpeng Zhao also hinted on the possibility of SegWit support.

Notably, in September 2019, SegWit support surpassed 50% threshold, which means that over half of all transactions are processed by this protocol. In October the SegWit adoption peaked at 57.2%; however, by the time of writing, the figure has retreated to 52.94, according to Transactionfee data.

Separately, Bitfinex added new charting tolls for derivative instruments to provide the customers with insights and historical data on liquidation fund balance. funding rate, spread and open interest.

Author

Tanya Abrosimova

Independent Analyst

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