Important Coinmate update

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Dear Coinmates,

we hope you are staying healthy and enjoying the crypto bull run with us. We have 3 notifications we would like to inform you about.

First of all, we plan a scheduled maintenance today Thursday 4th February starting at 22:00 (10 pm). We will be doing database index performance updates which may take anywhere from 1 hour to 2 hours. Please note that the website will be offline during this time.

Secondly, starting next Wednesday 10th February we plan to switch all Bitcoin deposit addresses to Bech32 (addresses starting with bc1..). You may have noticed that the Bitcoin network fees have been rising for some time. This newest type of Bitcoin address allows for up to 30% lower fees as transactions using Bech32 take less space in Bitcoin blocks. This change should make Bitcoin withdrawals in Coinmate cheaper.

Also, the “bc1” address format is used by Bitcoin only, so accidental deposits of other cryptos to a Bitcoin address will be avoided.

Your old Bitcoin deposit addresses will no longer show in the Bitcoin deposit form. But don’t worry, all Bitcoin deposits sent to your old Bitcoin addresses will be credited to your account balance anyway. However, we strongly urge you to switch to your new Bitcoin deposit address starting Wednesday 10th February which you will find in the Deposit form – Bitcoin in your Coinmate account.

All other crypto deposit addresses will remain unchanged.

And finally, on 1st March, we plan to remove Promotional trading fees that are charged on some trading pairs. After this date, the Standard trading fees will be valid for all trading pairs and the Standard trading fees will remain unchanged.

Thank you,
The Coinmate.io Team

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