Gemini Exchange Announces Full Adoption of the SegWit Protocol

Per an official announcement, the cryptocurrency exchange Gemini Trust has confirmed full integration of Segregated Witness (SegWit) addresses to its wallet infrastructure. Gemini hopes its users will benefit from improved processing times and lower bitcoin withdrawal fees.“We believe SegWit will become the standard, and in doing so, will create extensive benefits for all participants on the Bitcoin network,” Brian KimJohnson, a Gemini software engineer, stated in the post.The SegWit protocol update was activated in 2017 and, in short, it separates transaction data and digital signature information. As a result, each transaction on the Bitcoin blockchain weighs about 30 to 40 percent less, and general transaction fees are also significantly reduced.“As block space is limited, any decrease in transaction size allows for more transactions per block and greater overall throughput in the network,” as explained in Gemini’s post.The announcement also contained a bold claim that SegWit represents a step forward in the broader future of money.“As SegWit’s use, support, and adoption grows, it will help reduce fees, wait times, and network congestion,” Gemini promised.While other exchanges, including Coinbase and Bitfinex, have integrated the protocol update into their infrastructures, Gemini claims to be the first exchange to "launch full support of SegWit, complete with native SegWit deposit addresses."Gemini’s announcemen...