Old pioneering crypto exchange, Coinfloor, has revealed plans to lay off a substantial number of their employees following a bearish year for cryptocurrencies and the firm.

In what might represent a major change to the establishment, Coinfloor, the oldest bitcoin exchange in Britain, is set let go of a significant portion of its total of 40 employees. This was confirmed via two sources in an interview with Financial News.

The recent lay off represents a major setback for Coinfloor and is a testament to the increased level of competition among cryptocurrency exchanges all over the world. Coinfloor’s chief executive, Obi Nwosu, gave a curt reason as to why the necessary action is being taken at the moment, citing a “significant change in market volume.” Coinfloor, whose customers traded more than $1 billion last year, is still one of the biggest in Europe and is currently backed by a lot of key dignitaries such as Adam Knight, former director of US heavyweights, Goldman Sachs as well as Credit Suisse.

Nwosu has however declined to provide an exact number of the employees that would be laid off, or any other information as he maintained it was nothing too serious; firms are allowed to make staff changes in relation to market performance.

New Exchanges Raise Competition

Coinfloor has been around for exactly five years, following its establishment in October 2013. However, a green crypto enthusiast might be tempted to believe Binance had been around for much longer. More than 200 cryptocurrency exchanges have been founded since its inception, and Coinfloor seems to be losing its traders steadily to companies like Bitfinex and Binance.

However, Coinfloor’s major ‘brand’ has not changed for years on now, which has helped maintain its objective like Mark Lamb, its founding chief executive pointed out: Coinfloor is geared to serve financial professionals interested in bitcoin. Even today, it is still doing an excellent job of attracting financial institutions to invest in bitcoin.


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