Coinbase finally announces SegWit compatability

Coinbase has announced support for Bitcoin Segregated Witness (SegWit) in a bid to reduce transaction fees and improve overall transaction capacity.

Dan Romero, VP and GM of Coinbase, wrote in a blog post: “A common piece of feedback from customers is transaction fees for sending Bitcoin on Coinbase are too high. While transaction fees in Bitcoin have recently decreased, we’re committed to providing customers with options that can help reduce fees.

“That’s why we’re excited to enable SegWit compatible Bitcoin sends and receives.”

The company has also stated it will be working on introducing Bitcoin scalability improvements such as batching and better UTXO management. It is also looking at open source contributions to the Lightning Network, which requires SegWit.