Black_background_logo_BitcoinWorld-removebg-preview
Bitcoin News

BitMEX to use Bitcoin Core to track withdrawals and deposits

BitMEX to use Bitcoin Core to track withdrawals and deposits

BitMEX, one of the famous cryptocurrency derivatives exchanges, has declared the completion of a prominent upgrade on its custody system to enhance transactions. Cryptocurrency exchange BitMEX has declared that it added support for Bitcoin Core to clarify the software stack and eliminate obstacles for new bitcoin features. The update will enable BitMEX to utilize Bitcoin Core to trace users’ BTC deposits and withdrawals, the company stated. 

According to the announcement, the development benefits in removing BitMEX’s in-house fork with custom RPC calls and address-based indexes. While interpreting BitMEX’s software mass, the upgrade will elevate other obstacles, making it more comfortable to embrace new Bitcoin features. The upgrade will also allow BitMEX to trace native SegWit deposit addresses. Utilizing SegWit could occur in substantial block weight gains of approximately 65%. The exchange expects to include this attribute for its users in the upcoming months. 

BitMEX allows users to utilize Bech32 SegWit Addresses.

Segregated Witness (SegWit) was introduced on Bitcoin on Aug. 24, 2017. The update enables Bitcoin to provide more transaction data in a private block. Thus, efficiently developing Bitcoin’s block size from 1 MB-4 MB. BitMEX will enable its users to remove or send their Bitcoin holdings to Bech32 SegWit addresses. The update is the portion of a broader upgrade that will witness BitMEX enhance its alliance with Bitcoin Core. Moreover, BitMEX is not the first exchange to support SegWit. In February 2018, Coinbase declared support for the feature. Thus, creating a huge spike in its approval from 15% to 30% of Bitcoin addresses. Additionally, Coinbase, Bitfinex, Kraken, Gemini, OKEx have all joined SegWit support.

Moreover, as popular users of Bitcoin, BitMEX alleged that it acknowledges the test abilities developed on Bitcoin Core, such as the private regtest networks. BitMEX is one of the preeminent companies in the industry that actively promotes autonomous Bitcoin Core developers. It pledges to resume via its Open Source Developer Grant Program. The initiative, which offers annual grants to developers operating on Bitcoin, Java, NodeJS, or Kubernetes, is part of BitMEX’s attempt to support crypto development. In July, BitMEX granted $50,000 to Jeremy Rubin, a Bitcoin Core developer who stated that he was creating a language that could unfasten Bitcoin’s smart contract potential. 

Follow BitcoinWorld.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.