BitMEX Adds Bitcoin Taproot Support

  • BitMEX has added support to Taproot, Bitcoin’s latest upgrade.
  • As Taproot adoption increases, users will benefit from increased privacy, reduced transaction fees, and more flexible smart contracts.
  • Taproot was activated on the Bitcoin protocol on November 14, 2021 at block 709,632.

Cryptocurrency trading platform BitMEX added support to Taproot addresses, the company said in a statement Friday.

“As of today, BitMEX supports withdrawals to Bech32m Bitcoin addresses,” per the statement. “The first BitMEX client withdrawal to such an address occurred earlier today.”

Taproot was activated as a soft fork upgrade to the Bitcoin network in November to improve privacy and efficiency of transactions while increasing the flexibility of Bitcoin’s scripting capabilities. The upgrade introduced a new output type, Pay to Taproot (P2TR), using the new Bech32m address format and allowing bitcoin spending to look the same regardless of whether it involves a simple transaction, a more complex multisig one, or a Lightning Network-related transaction.

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