Bitfinex adds native SegWit support for bitcoin withdrawals
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.
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."
AUTHOR
Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi
See More
