Crypto exchange Coinfloor has decided to downsize its staff. Obi Nwosu, the CEO of Coinfloor affirmed that the exchange has seen a lot of decrease in volume during the year. Thus the company is presently restructuring to focus on its competitive advantages in order to serve its clients better, Nwosu added.
The Coinfloor exchange was launched in 2013 and it is backed by the founder of TransferWise, Taavet Hunrikus and a former director of Goldman Sachs and Credit Suisse, Adam Knight. After last year’s massive Bull Run with Bitcoin’s volatility rate sinking to a 17-month low, the cryptocurrency has hit a period of stagnation in the past few months.
According to Nwosu, crypto exchange Coinfloor has traded some $1 billion worth of bitcoin over the last 12 months. Through September, the bitcoin price has ranged between $6,200 and $6,800, as investors eagerly await major cryptocurrency decisions from the world’s traditional financial services companies and global regulators.
Over the past couple of years, a surge in Bitcoin interest led many cryptocurrency and bitcoin exchanges to grow rapidly to keep up with demand. This trend led to a raft of new businesses to also enter the crypto market. However, presently, bitcoin businesses are rethinking their business models, after last year’s bitcoin Bull Run, as stated in the Forbes report. Last year the bitcoin price went from under $1,000 at the beginning of 2017 to almost $20,000 at the end of 2017.
According to the latest reports, crypto exchange Coinfloor will be firing around 40 employees. However, there are no reports yet that the company has decided to shut down its operations. The downsizing numbers are also not final, as the exchange is still making the necessary changes to focus on competitive advantages that will allegedly save the company. Coinfloor recorded a low volume last month ($23.5 million USD), despite being the oldest exchange in the United Kingdom, as stated in the Bitcoin Exchange Guide report.
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