Transition to Native Segwit (P2WSH) to Reduce Fees

What’s Changing?

BitGo is changing from default wrapped segwit (P2SH-P2WSH) receive addresses to native segwit (P2WSH), which require 25% less data to spend — translating to lower fees. Since the beginning, BitGo has supported both native segwit and wrapped segwit Bitcoin addresses. However, many clients still use the wrapped segwit address type because it has previously been set as default, until now.

What Is Native Segwit?

Native segwit allows for more compact transactions, reducing the data size and facilitating faster processing. However, most wallets now support sending to bech32 addresses, which means wallet compatibility has significantly improved — allowing users to fully benefit from native segwit.

Looking Forward

With the transition to native segwit, BitGo aims to lower transaction fees for all clients. This shift aligns with the broader industry trend, as wallet compatibility with native segwit continues to grow.

Stay tuned for further announcements, and thank you for choosing BitGo for your digital asset management needs.

Interested in learning more? Connect with us, today.

About BitGo

BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders alike.

Founded in 2013 — the early days of crypto — BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies’ MPC offerings. Between multi-sig and TSS, BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains.

Over the years, BitGo has expanded from offering wallets into providing a full-suite solution that lets clients hold assets safely and then put them to work.

BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc’s original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world’s sole custodian for WBTC, or wrapped Bitcoin.

Today, BitGo is the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 700 institutional clients in over 50 countries — a list that includes many regulated entities and the world’s top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value.

For more information, please visit www.bitgo.com.

©2024 BitGo Inc. (collectively with its affiliates and subsidiaries, “BitGo”). All rights reserved. BitGo Trust Company, Inc., BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA. No legal, tax, investment, or other advice is provided by any BitGo entity. Please consult your legal/tax/investment professional for questions about your specific circumstances. Digital asset holdings involve a high degree of risk, and can fluctuate greatly on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless. The information provided herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. BitGo is not directing this information to any person in any jurisdiction where the publication or availability of the information is prohibited, by reason of that person’s citizenship, residence or otherwise.

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