The leading stock exchange of digital assets Coinbase announced the imminent launch of Segregated Witness (SegWit) bitcoin scaling protocol support.
Our engineering team has finished testing of SegWit for Bitcoin on Coinbase.
We will be starting a phased launch to customers over the next few days and are targeting a 100% launch to all customers by mid next week.
— Coinbase (@coinbase) February 20, 2018
“This upgrade helps reduce the size of transactions, which improves the overall transaction capacity of the Bitcoin network. This upgrade should also help reduce the fees customers pay on bitcoin transactions”.
The SegWit protocol was activated in the bitcoin network in August 2017, but even after six months a number of large companies still did not add its support. Coinbase turned out to be under a wave of criticism – a few months ago the company supported for some dubious decisions that could potentially increase its profits, but would hardly contribute to the development of bitcoin as a whole.
It is important that Coinbase has one of the largest user bases in the bitcoin industry, and SegWit support will surely have a positive impact on both the total number of SegWit transactions on the network and the reduction of commissions.