Coinbase, Bitfinex Crypto Exchanges Add SegWit Software To Speed Transactions

Cryptocurrency exchanges Coinbase and Bitfinex have announced they are adopting SegWit software to speed up transactions and lower fees.

Segregated Witness, or SegWit,  increases the block size for bitcoin’s blockchain. The larger capacity speeds transactions, which sometimes get clogged. Bitfinex handles about 18 percent of US crypto trading, while Coinbase handles 17 percent of the trading volume.

Bitfinex announced its plans on Tuesday. “We are delighted that through this implementation we can provide our customers with bitcoin withdrawal fees that are up to 20 percent lower, as well as faster-than-ever transaction speeds,” said Bitfinex Chief Technology Officer Paolo Ardoino.

Coinbase announced what it termed a “phased launch” of SegWit. The first phase starts  this week and should be fully available by the middle of next week, the company tweeted Tuesday.