Coinfloor is a bitcoin exchange and trading platform based in London. The firm was established in 2013, and is considered to be among the oldest crypto exchange in the U.K. Coinfloor is aimed to provide service to institutional and sophisticated investors. Reportedly, Coinfloor trades approx $1 million on daily bases.
As per Financial News Coinfloor is decreasing the number of employees to a large extent. It is laying off the greater part of its approximately 40 employees.
On this note, the Coinfloor CEO Obi Nwosu stated that Coinfloor has “seen a significant change in trade volume across the market.” He added further that the Coinfloor has been trading $1 billion in Bitcoin (BTC) in the last 12 months.
Nwosu declared that “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 restructuring, we are making some staff changes and redundancies.”
The speculations regarding the decrease in workforce and redundancy are because of the bearish attitude of the market during this year. Last month, it was speculated that Kraken a crypto exchange is also reducing its staff in its Halifax unit, Canada. Although the firm eventually declined it, and said, “we can confirm that we are not shutting down any operations in any specific place”.
Speaking of bearish market, during the first quarter this year the crypto market was down after the Bitcoin (BTC) price collapsed by around 70 percent from its mid-December 2017 peak of $20,000.
Also, in January the BTC price sank to $9,724, which is less than half of previous month’s BTC price. In February, BTC was down to $5,922. Although, in March, the price exceeded the $9,000 mark again.
BTC was trading at $6,681 at press time. Which is up almost 7 percent over the last month and 1.56 percent on the day.