Coinfloor

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Coinfloor Ltd.
300px-Coinfloor2.jpg
Founded 2013
Headquarters London, England, UK
Key People Obi Nwosu, Founder and CEO; Mark Lamb, Commercial Director
Employees 350+
Products CoinfloorEX (cryptocurrency exchange), BTC futures contracts
Twitter @coinfloor
LinkedIn Profile
Facebook Page
Website Coinfloor Home
Releases Company News
Blog Coinfloor's blog

Coinfloor is a cryptocurrency trading platform based in the British Virgin Islands. It currently offers trading services for bitcoin and Bitcoin Cash.[1]

Background[edit]

Coinfloor was founded in 2013. The trading platform began operations in 2014.[2] One of the company's first hires was Adam Knight, a former Goldman Sachs and Credit Suisse managing director.[3]

Cryptocurrency Trading[edit]

In 2015, the company launched Coinfloor Market, a broker-based peer-to-peer marketplace, which allowed consumers to buy bitcoin from licensed brokers.[4] They established a "no-fee" policy for bitcoin trading in 2017.[5] In December, they announced the discontinuation of the policy "to be more in line with industry practice."[6]

In March 2018, Coinfloor announced plans to launch a digital assets futures exchange, which would include the first physically-delivered bitcoin futures contracts.[7][8]

In January 2019, the company announced that CoinEX, the company's cryptocurrency futures exchange, had spun off into CoinFLEX, which would offer physically-settled cryptocurrency futures contracts. CoinFLEX is owned by a consortium of investors including Coinfloor, Roger Ver, and Trading Technologies.[9]

In December 2019, Coinfloor announced that it would be delisting Ethereum on its exchange, citing its unclear stability and need for technical support following a series of hard forks.[10]

"No BS" crypto trading platform[edit]

In February 2020, Coinfloor announced that it would be launching an "Auto Buy" service for purchasing bitcoin. The service was designed to simplify trading bitcoin for both experienced traders and newcomers alike. Coinfloor's CEO Obi Nwosu said Coinfloor was taking a "no BS" approach to crypto. The Auto Buy service will use dollar-cost averaging so that users who might be apprehensive about the volatility of bitcoin can buy small amounts over a long period of time.[11]

Partnership with Trading Technologies[edit]

In July 2018, Trading Technologies announced that it had partnered with Coinfloor in order to fight cryptocurrency market manipulation on Coinfloor's trading platform. To accomplish this, TT uses its "Score" technology, which is designed to streamline the process of digital market surveillance and regulation.[12]

Staff cuts[edit]

Despite the surge of interest and activity in the cryptocurrency markets in 2017 and 2018, by October 2018 the drastic decrease in the price and trading volumes of bitcoin led Coinfloor to cut its staff. The company's CEO, Obi Nwosu, described the cuts as "staff changes and redundancies" in order to conduct "a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients." According to a Financial News report, approximately 40 of Coinfloor's staff were cut.[13]

Bitcoin focus[edit]

In December 2019, Coinfloor said that starting January 3, 2020 it would no longer support trading in Ethereum and Bitcoin Cash, the only coins other than bitcoin that were currently traded on the platform. CEO Nwosu said that accommodating Ethereum's upgrades over the next years as it gradually converts to the proof-of-stake from proof-of-work protocol was not worth the likely costs.[14]

Key People[edit]

  • Obi Nwosu - CEO
  • Mark Lamb - Commercial Director
  • Adam Knight - Executive Chairman

References[edit]

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