фото показано с : blokt.com

In a surprise move, Coinfloor, the oldest Bitcoin exchange in the UK, revealed that it would be slashing the amount they have staff soon. The exact number of people to be removed from the company is still unclear, but it is evident that a majority of the 40-people staff will be terminated. The company talked about trade volume, which could be one of the reasons behind the staff slashing. The company is also going through a restructuring plan.

The cryptocurrency exchange is backed by Taavet Hinrikus, founder of TransferWise and venture capital firm Passion Capital. Coinfloor chief executive Obi Nwosu has confirmed the news but did not comment on the total number of cuts. In a statement, he noted that companies normally make cuts depending on the changing market environment. He said that the exchange had seen “significant change” in trading volume.

He added:

“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.”

The staff-slashing news from Coinfloor points toward a deeper problem with cryptocurrency exchanges. These entities have not remained unaffected by the volatility of the market, and the consistent bearish phase since the beginning of the year has scared many investors away from exchanges. Even those who are HODLing on to their Bitcoins are avoiding the market. Cryptocurrency exchanges experienced uninhibited growth till now, which is coming to a screeching halt.

Coinfloor launched in Oct. 2013. Since then, more than 200 digital currency exchanges have emerged in the market. Nwosu said that the exchange had traded Bitcoin worth $1 billion in the past 12 months. The institution is backed by Adam Knight, former managing director at Goldman Sachs and Credit Suisse. At the time of launch, its chief executive, Mark Lamb, talked about bringing financial institutions to the exchange.

This strategy is now the go-to move for crypto exchanges that want to win the survival war. Institutional investors want dedicated exchanges and custodial solutions. To cater to this need, the $1.4-billion hedge fund Omni Partners introduced the world to a new crypto exchange, Archax. This platform is dedicated to institutional investing and has roped in former London Stock Exchange strategist David Lester as a senior adviser.

UK-Based Exchange Coinfloor Cuts Staff as Volumes Shrink was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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