Bitfinex adds native SegWit support for bitcoin withdrawals

Cryptocurrency exchange Bitfinex has announced it is adding withdrawal support for native SegWit (bech32) addresses, which will start with the characters "b1." Native SegWit is a more weight-efficient address format than Wrapped SegWit (P2SH) addresses which start with "3." 

Bitfinex's new address format will enable cheaper transactions for its users looking to withdraw bitcoin from the exchange. Additionally, according to the exchange, "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."

Earlier this month, Binance CEO Changpeng "CZ" Zhao, indicated on Twitter that the cryptocurrency exchange could add SegWit support to its platform by the end of Q1 2020.

According to, SegWit adoption on Bitcoin hovers around 50%.