Coinbase, the global cryptocurrency market’s largest brokerage and Bitcoin wallet platform with more than 10 mln users, has revealed its plans to integrate Segregated Witness(SegWit) in the short-term.
On social media, the Coinbase team wrote “We’re working on SegWit support and will have a public update soon,” adding that the company is hiring more Bitcoin developers to develop the Bitcoin infrastructure of Coinbase.
“We are hiring senior backend engineers in SF, NY and London to work on our Bitcoin infrastructure.”
Importance of SegWit integration by major platforms
SegWit is a transaction malleability fix and scaling solution introduced by the Bitcoin Core development team which optimizes the Bitcoin Blockchain by reducing the size of transactions. Its malleability fix also provides a better platform for second-layer solutions like Lightning that are capable of processing micropayments or transactions with substantially lower fees on the Bitcoin Blockchain network.
As with any other solution introduced on the Bitcoin network, businesses and infrastructures are not automatically equipped with SegWit. Rather, businesses, wallets and exchanges like Coinbase need to allocate their developer resources to adopt and integrate the solution.
Many leading wallet platforms have already integrated SegWit. Namely, major Bitcoin hardware wallets Trezor and Ledger adopted SegWit during the first few weeks since its launch, given that SegWit’s transaction malleability fix provides an important security improvement for hardware wallets by reducing the transaction verification time and process…