Cryptexcore Exchange adds support for SegWit addresses

Cryptexcore cryptocurrency exchange, part of Bitwise’s Real 10 index, has announced the addition of full support for SegWit Bitcoin addresses.

Now users of the platform will be able to generate new Bitcoin addresses for deposits in the bech32 format, as well as withdraw funds to such wallets. This will reduce the number of errors when writing the address, since they always start with the characters “bc1” and are case-insensitive.

“We encourage our users to switch to the bech32 format, as it increases the efficiency of transactions on the Bitcoin network. In addition, bech32 automatically checks the address format, so that the user will not be able to send their bitcoins to the wrong wallet, ”

the press release notes.

Recall that SegWit is an add-on to the protocols of various blockchains, which allows you to more effectively combine transactions in a block, thereby increasing their number and reducing fees. Using SegWit can increase the number of records in a block by up to 25%.

Last fall, it was reported that the number of SegWit transactions on the Bitcoin network increased from 40% to 55%. This is facilitated by the support of the technology by various cryptocurrency platforms, including BitMEX and Bitfinex.