SegWit’s adoption soars; OKEx supports Bitcoin and Litecoin SegWit addresses

  • 29 July 2019, Monday, 10:50

SegWit or Segregated Witness was touted as a major upgrade for the Bitcoin network. BTC’s point of controversy has always been issues surrounding its scalability; features such as SegWit has, to an extent, helped the network increase number of transactions within the 1MB blocks. The following data by OXT charted the increase in the upgrade’s adoption over a period of nearly two years since its inception.

As of July 2019, only 39.77% of all Bitcoin transactions leveraged SegWit. The protocol update peaked with 41.12% usage on all BTC transactions in March 2019.

Source: OXT

OKEx, the Malta-based cryptocurrency exchange, announced support for SegWit addresses of Bitcoin as well as Litecoin on its platform. Following the latest upgrade, users will now be able to choose between the regular one and the SegWit address. According to the official statement,

“The SegWit addresses of Bitcoin (BTC) and Litecoin (LTC) are now supported at OKEx. You may switch between regular and SegWit addresses under the address book on the deposit page.”

Even as the adoption rate of SegWit has been slow, big names in the crypto industry and the Winklevoss Twins-led exchange, Gemini had rolled out full support for Segregated Witness [SegWit] addresses. Following the development, Gemini became the first major exchange to launch full support of SegWit.