Coinfloor’s boss confirms that staff cuts are happening…
The taxing year for cryptocurrencies, led by Bitcoin, continues to have ramifications. Bitcoin is currently trading just north of $6600, with its price having steadied in recent weeks. Still, that’s some way down from its peak of just below $20,000 at the end of last year. Furthermore, there’s been a reduction in the number of transactions too, and that’s now had a further knock-on effect.
The oldest Bitcoin exchange trading in the UK is Coinfloor, and it’s now being reported that the firm is set to lay off staff. And not a small number, either. The majority of the exchange’s 40 employees are said to be at risk.
The problem is reportedly that aforementioned sizeable reduction in market volume, that has reduced the amount of business going through Coinfloor. The fact that layoffs are coming has been confirmed by the company’s chief executive, Obi Nwosu. What hasn’t been confirmed is the exact number, with Nwosu adding that it’s not unusual for a company to adjust its headcount based on the state of the market.
Coinfloor has been in business for five years this month, and it goes under the slogan “safely trade Bitcoin and Bitcoin Cash on the most liquid GBP exchange”. The problem is that simply not enough people have been taking them up on their offer.
There’s no formal announcement at the time of writing on the company’s website, whose latest blog was posted last month, its regular UK Provable Solvency report. More on Coinfloor as we hear it. Its website is here.