Crypto.com, a leading cryptocurrency platform has taken yet another pioneering step by introducing Bitcoin (BTC) to a new token infrastructure. This move promises to address the biggest challenge that Bitcoin transactions have been suffering from for quite some time now. Bitcoin’s image has often been tarnished due to the time consumed while making transactions as well as the exorbitant fees it entails.
The migration of Bitcoin to a new token infrastructure by Crypto.com will augment faster Bitcoin withdrawals along with additional benefits like enhanced safety and security and better compatibility.
As per the announcement by the company, users will be able to avail the following benefits:
- Automated BTC withdrawals: Withdrawal requests will be processed without human intervention subject to the approval of Crypto.com’s advanced risk system. This will reduce the processing time from +1 working day to approximately 1 hour, depending on the network conditions.
- Withdraw BTC to any address type: Users can withdraw to any Bitcoin address types, including SegWit addresses.
- Spend BTC securely: Customers can now spend their BTC from SegWit address, which is considered more secure as compared to legacy addresses.
- Deposit to P2SH-wrapped segwit addresses: Users can still deposit from legacy wallet providers who do not support native SegWit addresses yet, and rest assured that their funds will remain in the safe hands of Crypto.com.
The official announcement also added that with this change of infrastructure, Bitcoin Wallet deposit addresses of users would change. Therefore, existing users need to check all previously stored/saved address locations and update to the new BTC address. The current addresses will be phased out by 30 April.