Gemini Exchange Upgrades its Crypto Wallet Upgrade with Full SegWit Support

Gemini Exchange Upgrades

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The crypto community has been getting groundbreaking news about crypto exchanges, adoptions and wallets for some time now. Some of the updates have been about the delisting of many cryptocurrencies due to issues arising in the industry. However, amidst some of the distressing news, there have been some encouraging ones too. Apart from the adoptions of digital coins by world-class companies, the community has seen some developments as well. For instance, an exchange platform Gemini has announced an upgrade to its wallet leveraging the support of Segregated Witness (SegWit)

Gemini Statements About The Upgrade

The official statement from the company, reveals that this SegWit supported upgrade is part of the company’s plans this year. According to Gemini, its customers will start to enjoy the SegWit addresses for their Bitcoin withdrawals and deposits. After this upgrade, the customers will use the addresses that start with bc1 for these transactions.

Still, from the statement, we learned that the company engaged in end-to-end integration from their offline and online signing systems.

The Decision For The Upgrade

Gemini revealed that they didn’t just come up one day and start initiating upgrades in their systems. They had to deliberate seriously on the move, and afterward, they decided to go ahead with it. The firm also stated that their main reason for going on with it is due to plans for future upgrades. Since the subsequent ones they want to implement will depend on this one, they had no choice but to go ahead. Further, Gemini is viewing this move as a right one toward a positive future for money and cryptocurrency atmosphere.

Another thing which the company targets are to achieve a more efficient system. According to their statement, SegWit adoption, support, and usage are growing. Gemini expects that this growth will reduce the waiting time, network congestion and fees. Also, Segwit lays the foundation for advanced technologies such as the “Lightning Network.” Therefore, if it becomes the standard, many people who engage in Bitcoin trading will benefit.

The firm has now advised its users to start using the SegWit address starting with bc1. We have noticed a continuous rise in companies using the SegWit tech. From what we learned in a report, the technology spending payments is up to 50%. Last three weeks, one data calculator showed that the SegWit payments are up to 48.72 percent.

Updates On SegWit Tech

Meanwhile, the adoption of this technology SegWit should have crossed these levels by now. For instance, BitPay which planned to integrate it since 2018 could have given it a boost. Up until now, the company is yet to adopt it. Also, another company Mycelium didn’t adopt the technology as fast as they should. However, they later did. One other company BitGo has delivered on their efforts to adopt the SegWit tech. It is unfortunate that BitPay hasn’t said anything about adopting the tech even until now.

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About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.