Blow to Bitcoin, crypto industry as UK’s oldest Bitcoin exchange cuts jobs
UK’s oldest Bitcoin [BTC] exchange Coinfloor recently announced that it will to slash its workforce in what has been viewed as a blow to Bitcoin and the cryptocurrency industry in the UK. The exchange cited an ongoing restructuring of its business as the reason behind the job cuts.
“[We’ve] seen significant change in trade volume across the market,” Obi Nwosu, Coinfloor CEO, told Financial News. “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,” Nwosu added.
The platform will reportedly let go of some 40 employees, according to a Financial News’ report.
Coinfloor, which was launched in 2013, is backed by former Goldman Sachs and Credit Suisse executive Adam Knight, TransferWise founder Taavet Hinrikus, and Passion Capital. The trading platform had launched the first exchange-backed peer-to-peer marketplace for the world’s top cryptocurrency.
The company aims to reduce the inconvenience of a two-step conversion by allowing direct Bitcoin and the British Pound (Sterling) conversion.”Coinfloor Market” connects vetted brokers with investors and consumers looking to buy BTC. Buyers can send funds directly to a broker using a local UK bank transfer.
According to Nwosu, Coinfloor had traded BTC worth around $1 billion over the last 12 months. There has been a surge in Bitcoin interest over the last few years, which has led to the establishment of many Bitcoin and cryptocurrency exchanges.
In fact, there are around 200 cryptocurrency exchanges around the world, according to CoinMarketCap data. It is evident that the crypto market is getting crowded. Moreover, Coinbase – the U.S. cryptocurrency exchange – in August revealed that it had signed up 50,000 new customers last year.
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