- Coinfloor’s business restructure to ensure a competitive advantage according to its CEO.
- Major bit about the restructure involves making staff changes.
- Turbulence in the cryptocurrencies in 2018 seen as a major factor affecting Coinfloor
This year, the cryptocurrency world has experienced a decline in trade volumes with the value of popular cryptocurrencies like bitcoin experiencing a plunge in prices. Even though some new currencies have come through to the exchange platforms, some of the crypto exchanges are still not in a comfortable position.
The continued negative speculation from regulators has forced crypto exchange platforms to take tough decisions to keep up with the business and the UK’s oldest crypto-exchange Coinfloor is the latest in this development.
Coinfloor to Cut Staff
Coinfloor is the oldest bitcoin exchange in the UK established in 2013. Earlier this week on Monday, financial news reported that Coinfloor, a UK based bitcoin exchange, would cut down its staff.
This news was confirmed by two unidentified people with knowledge on the matter. Later on Coinfloor’s chief executive officer Obi Nwosu confirmed these statements by justifying the actions as a normal business practice. According to Nwosu, adjusting staff for the business has been based on the environmental changes and the significant changes in trading volumes experienced in the market. He said:
“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.”
However, it was not clear how many jobs would be cut through the restructuring but the numbers pointed to approximately 40 employees as cited by the two unidentified people.
Turbulence in the Cryptocurrency World
The year 2018 has been rough for cryptocurrencies in general.
Many issues can be traced to the slow paced adoption of digital assets by institutions around the world – including the lack of an efficient regulatory mechanism. Additionally, the cryptocurrency crash this year resulted from the speculative frenzy last year due to the positive speculations made.
This coupled with the low adoption has resulted in a state of idleness.
2018 has been dominated by the bears with the price of bitcoin diving by nearly 70 percent in the first quarter of 2018. You would remember the period of mid-December 2017, when it peaked to $20000.
January saw the drop of BTC to $9,724. What the future holds for the cryptosphere, only time will tell.
