Vietnamese crypto remittance platform Cash2VN has – in their quest for optimization of Bitcoin on-chain transactions – switched their service to support exclusively the Native SegWit address format for Bitcoin transactions.
Cash2VN enables anyone around the world to send funds to Vietnam (all local banks & various cash offices in major cities across the country available) without further account sign-up.
The sender simply specifies the VND amount and provides the necessary details of the recipient and the funds will be received within the same day.
Continuously rising transaction fees for Bitcoin on-chain transactions made it necessary to implement further optimization in order to keep it possible for the end user to utilize Bitcoin remittance payments.
Mid-term however it is to be expected that payment protocols such as the Lightning Network will handle the majority of payments on top of the actual Bitcoin Settlement Layer.
Besides Bitcoin, Cash2VN users are able to send remittances to Vietnam via a variety of alternative cryptocurrencies such as Litecoin, Bitcoin Cash, DASH which provide lower on chain transaction fees.
A variety of major stablecoins such as USDT (ERC20 & SLP standard), USDC and DAI are supported as well.
The announcement by Cash2VN follows the recent implementation by mother firm BitcoinVN to exclusively support Native SegWit addresses on their infrastructure.