Coinfloor Announces Layoffs Amid A Prolonged Bear Market

Coinfloor, the oldest bitcoin exchange in the UK, will consist of 40 employees, according to two sources surveyed by Financial News.

Layoffs at the London stock exchange occur in response to a “significant” market volume change, according to Obi Nwosu, Coinfloor’s chief Executive officer, and are seen as a setback for the country’s FINTECH industry as the exchange is supported by Taavet Hinrikus, founder of TransferWise, as well as Passion Capital.

While Nwosu confirmed the dismissal, he has not confirmed the number of employees that fall under the wave of these dismissals. He said that it is typical for a company to adjust staff based on the market, and Coinfloor has experienced a “significant change” in trading volume as cryptocurrency prices have been declining for most of the year and stagnating in recent weeks.

As Coinfloor was launched in October 2013, we introduced the multiple platforms for the cryptocurrency trade with more than 200 exchanges of cryptocurrencies around the world according to CoinMarketCap. Mainly Coinfloor is focused on financial professionals interested in bitcoin.