Bemusing news has emerged from one of the UK’s iconic Bitcoin exchanges, Coinfloor, on Monday. The 2013-constituted exchange sets a negative precedent which industry watchers are afraid may sweep across the world markets.
According to confirmation from Obi Nwosu, the CEO of the exchange, jobs are currently being cut. However, he offered no information on the total number of jobs under the hammer. He added that a big part of the growth that the exchange has notched up lately needs such a measure to keep in tune with the market in which it operates. Nwosu reiterated that Coinfloor had “seen significant change in trade volume across the market.”
The exchange’s top executive said that the loss of 40 of the employees that are currently working is part of the business restructuring.
As Bitcoin exchanges across the market become part of more mature environments, it appears that Coinfloor is realigning its services to meet the new conditions for buying as the new crypto-curious explore the world of alternate currencies.
On another front, the oldest financial structure in cryptocurrency appears to be building on its strengths to gain a major competitive advantage. Observers comment that apparently the upgrades and the closing-down of certain services has necessitated the move to cut jobs
When Coinfloor appeared on British Bitcoin market space in 2013, it was unlike any other. The rules and process of operation that Coinfloor began have now become the best practices across the markets.
However, the multiplying number of exchanges has definitely had an influence on this historic exchange. The exchange is backed by Adam Knight, ex-Goldman Sachs, Credit Swiss top-management executive, along with Passion Capital, a venture capital, and Taavet Hinrikus-built Transfer Wise.
Nwosu, sharing trading facts reiterates that this London financial institution has logged over $1 billion in under a year and is set for greater growth in the coming days with newer trade-facilitating platforms and the new-age practices it hopes to incorporate. However, in the past five years, the scenario has changed drastically.
This article was first published on Oct 8, 2018