Prominent UK Bitcoin Exchange Firm To Lay Off Workers
The firm is among the pioneers within the UK market and recent stiff competition has forced it to change strategy.
Falling Revenues Forces Company To Lay Off Workers
The UK based Coinfloor bitcoin exchange has laid off workers due to a decline in revenues. The move comes as a surprise because the exchange is among the oldest and it has never faced any challenges in recent years. Since inception, the firm has gained popularity among many users within the UK. The trading firm resolved to lay off some workers as the only way to survive the market.
The firm has over twenty employees and half of them have been laid off in the new changes. The directive is set to effect in the next few months. The lay off can be attributed to the current events in the cryptocurrency market. Bitcoin just like any other crypto has suffered lows in the course of 2018. As a result, major global exchanges have been exposed to threats of sustainability.
With the market dip, it means that trading volumes for major cryptos are an indication that major exchanges are having it rough. Many experts argue that since cryptos came to life 2018 has been the worst year. A majority of investors have been forced to walk away since the prices of major cryptocurrencies have registered low prices. In the wake of the layoff, Coinfloor has resolved to put its energies into gaining a competitive edge within the market.
In 2013, the firm was a top player in the exchange market for bitcoin. It became a major hit across Europe since it did not face any competition. However, as cryptos gained popularity, exchanges have come up meaning that the market will never be the same again. Comparing 2013 and now, the UK has more than 10 trading exchanges all with a different client base and total trading volume.
Coinfloor’s services will not change with the layoff. The company will continue to work with a number of institutions. At the moment, the company is working on a mechanism to attract mainstream financial institutions. Additionally, the company’s role to provide a home for bitcoin traders has not changed.
Among global exchanges, Coinfloor comes in at position 120 with bitcoin volumes dominating. On the exchange, we also have the bitcoin cash trading. However, the firm has remained mum over any plans to expand the crypto base.