Report: Oldest UK Crypto Exchange Coinfloor Laying Off Staff


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                U.K .digital currency exchange Coinfloor is reportedly laying off the greater part of its staff amid a “business restructure.�
                <p dir="ltr">British <a href="https://cointelegraph.com/tags/cryptocurrencies">cryptocurrency</a> exchange <a href="https://cointelegraph.com/tags/coinfloor">Coinfloor</a> is laying off the majority of its staff, news outlet Financial News <a href="https://www.fnlondon.com/articles/uks-oldest-bitcoin-exchange-slashes-jobs-20181008" rel="nofollow,noopener" target="_blank">reported</a> Oct. 8.&nbsp; &nbsp;&nbsp;</p><p dir="ltr">Coinfloor is a London-based digital currency trading platform founded in 2013. Coinfloor is reportedly the oldest crypto exchange in the <a href="https://cointelegraph.com/tags/united-kingdom">U.K.</a> and is focused on institutional and sophisticated investors. According to <a href="https://coinmarketcap.com/exchanges/coinfloor/" rel="nofollow,noopener" target="_blank">CoinMarketCap</a>, Coinfloor&rsquo;s daily trading volume is around $1 million at press time.</p><p dir="ltr">Two people familiar with the matter told Financial News that Coinfloor is laying off the greater part of its approximately 40 employees. The exchange&rsquo;s CEO Obi Nwosu told Financial News that Coinfloor has &ldquo;seen significant change in trade volume across the market.&rdquo; Nwosu added:</p><blockquote><p dir="ltr">&ldquo;Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies.&rdquo;</p></blockquote><p dir="ltr">Nwosu told Financial News that the <a href="https://cointelegraph.com/tags/cryptocurrency-exchange">exchange</a> has traded $1 billion in <a href="https://cointelegraph.com/tags/bitcoin">Bitcoin</a> (BTC) in the past 12 months.</p><p dir="ltr">Last month, there were rumors that crypto exchange <a href="https://cointelegraph.com/tags/Kraken">Kraken</a> was slashing staff in its unit in Halifax, <a href="https://cointelegraph.com/tags/canada">Canada</a>. However, the exchange subsequently <a href="https://cointelegraph.com/news/crypto-exchange-kraken-denies-rumors-of-sudden-staff-layoffs-in-canada">denied</a> the rumors, stating that &ldquo;we can confirm that we are not shutting down any operations in any specific place&hellip;&rdquo;</p><p dir="ltr">News and rumors of layoffs in the crypto space follow a bearish market this year. In the first quarter of 2018, the crypto market fell following the Bitcoin (BTC) price slump by nearly 70 percent from its mid-December 2017 peak of <a href="https://cointelegraph.com/news/bitcoin-hits-20000-per-coin-capping-year-of-enormous-growth">$20,000</a>.</p><p dir="ltr">In January, the BTC price <a href="https://cointelegraph.com/news/bitcoin-price-breaks-9000-doesnt-stay-for-long">dropped</a> to $9,724, which is less than half of where it had been a month previously. In February, BTC was down to $5,922. However, in March, the price broke the $9,000 mark again.

At press time, BTC is trading at $6,681, up 1.56 percent on the day and almost 7 percent over the last month, according to Cointelegraph’s Bitcoin Price Index.



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