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Oldest bitcoin exchange in the UK slashes jobs

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Since the launch of Coinfloor, several more crypto-trading venues have emerged. Recently, the oldest Bitcoin exchange in the UK announced it plans to drastically reduce staff due to the surprise setback of the fintech industry.

In the latest world news update, the cryptocurrency market had a major plunge of almost $13 billion and those most affected include XRP, Ethereum and bitcoin. In only three hours almost $13 billion in value were erased from the cryptocurrency market. The drop comes after a warning from financial authorities regarding the rapid growth that took place earlier, which also confirms the potential threat to the world economy by digital coins.

Most of Forty Employees Stand to Lose Employment

Backed by TransferWise, Coinfloor fonder Taavet Hindrikus is currently in the process of drastically reducing the jobs of forty employees. The chief executive, Odi Nwosu of Coinfloor confirmed the planned reductions although he declined in commenting on the number of jobs to be slashed. Nwosu commented that it is natural for any company to make cuts or grow depending on the market and the significant change in the trade volumes highly affected the market. In the same statement, he also shared that Coinfloor is in the process of restructuring and its focus is on competitive advantages that allow clients to be best served, and included in this process is both redundancies and staff changes. The cuts are a sign of downsizing from a market previously enjoying constant growth, until now.

Countries Such as China Never Warmed Up as Hoped to Cryptocurrencies

2018, many of the cryptocurrency enthusiasts hoped would be the year in which countries and financial regulators would be more accommodating to the idea of professionalising digital assets via exchange-traded funds. But it became the year in which the Exchange Commission, as well as the US Securities, rejected ETF’s, which also included the Winklevoss twins a highly anticipated one, and China came down harder than ever on cryptocurrencies.

Over 200 Crypto Exchanges Globally

Coinfloor was stared in 2013, and since that time, several other cryptocurrency trading venues emerged. Currently, there are well over 200 around the globe, and more are launching according to Coinmarketcap. Backed by Adam Knight, the London-based institution traded bitcoin worth an estimated $1 billion in the past year, since its focus is providing a platform for professionals eager to invest in the Bitcoin cryptocurrency. Five years ago at the launch of the company, Mark Lamb, the chief executive said that the company was a financial institution looking to trade on the exchange.

Bitcoin, Ethereum and XPR Did Not Recover to Record Highs of 2017

With the massive drop in cryptocurrencies it becomes clear that the high hopes of cryptocurrencies such as Ethereum, bitcoin and XPR to return to the record highs they’ve enjoyed in 2017 might not realise this year, bitcoin is over 68% off its record high of last year when it reached $19,783.21 reached on the 17th of December.