Cryptocurrency exchange Bitstamp has announced it added support for SegWit bech32 addresses. From now on, all the exchange's users can withdraw bitcoin (EXANTE: Bitcoin) to bech32 addresses and create new deposit addresses in this format.
The exchange has also generated new BTC deposit addresses for all its users.
With the new upgrade, users can choose between the old format or bech32.
ADDRESSED: We’ve added full native SegWit support to Bitstamp! Our customers can now create #Bitcoin addresses in the new bech32 format: https://t.co/oDgv6S89mg #Bitcoin #SegWit #Bitstamp pic.twitter.com/sq3kXIF7qh
— Bitstamp (@Bitstamp) February 27, 2020
Bech32 is the latest BTC address format, designed to work exactly with SegWit technology. The format allows saving more space on the blockchain and increasing efficiency.
All the bech32 addresses always start with "bc1" and are not case sensitive. This lowers the chance of anyone accidentally sending coins to the wrong blockchain or making spelling errors when writing addresses, the exchange states.
Previously iHodl reported that Bitstamp added support for the fiat deposits via Ripple-powered technology.
The exchange's clients are able to instantly replenish their accounts with the U.S. dollars thanks to the Australian company FlashFX that opened a new payment corridor in the Ripple On-Demand Liquidity (ODL) system, which uses the XRP token for transactions.
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