U.K’s oldest cryptocurrency exchange, Coinfloor will lay of majority of its 40 employees, Financial News reported on October 8.
London-based Coinfloor was founded in October 2013 focusing on especially institutional investors. Since the UK’s first digital currency trading platform was launched over 200 cryptocurrency exchanges have been introduced world wide. The current trading volume of the exchange is around $1 million per day, according to CoinMarketCap.
The CEO of the exchange, Obi Nwosu told Financial News that the layoffs among the majority of the 40 employees are result of a remarkable change in market volume. He added:
“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.”
While confirming the layoffs, Nwosu didn’t mention how many employees the change will affect. He mentioned, that it is a typical movement for company to adjust the amount of staff based on the market.
Earlier this year on March, Coinfloor became the first ever exchange to launch a futures exchange for digital assets that includes the first bitcoin futures contracts that are delivered physically. The trading platform, called CoinfloorEX, was planned to allow traders, investors, miners and hedge funds to able them to have an access to institutional governance supported cryptocurrency contracts.
Author: Sarah Tuuli