Overview

The Taproot upgrade for the Bitcoin network will be enforced at block height 709,632 and is expected to occur on November 14th, 2021.

Fireblocks will remain operational and no downtime is expected during this soft fork.

What's the Taproot upgrade?

The Taproot upgrade introduces several new features to the Bitcoin network. These features are described in BIPs 340, 341, and 342:

• Schnorr signature scheme
• Segwit-V1 address format

With the Fireblocks Bitcoin wallet implementation, the upgrade doesn't introduce substantial transaction fee savings as the currently supported Segwit provides similar fee savings.

How will Fireblocks support the Taproot upgrade?

Fireblocks will support sending Bitcoin transactions to Taproot addresses (Segwit-v1) by November 18, 2021. However, Fireblocks does not allow generating a wallet address in a Taproot format.