Coinfloor

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Coinfloor Ltd.
Coinfloor.png
Founded 2013
Headquarters London, England, UK
Key People Obi Nwosu, CEO; Mark Lamb, Commercial Director
Employees 350+
Products CoinfloorEX (cryptocurrency exchange), BTC futures contracts
Twitter @coinfloor
LinkedIn Profile
Facebook coinfloor
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

Coinfloor was founded in 2013. The exchange 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

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] Currently the rate of all CoinfloorEX trading fees are 0.03 percent of the value of the transaction.[7]

In March 2018, Coinfloor announced plans to launch a digital assets futures exchange, which would include the first physically-delivered bitcoin futures contracts.[8][9]

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.[10]

Partnership with Trading Technologies

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.[11]

Staff cuts

Despite the major surge of interest and activity in the cryptocurrency markets space 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.[12]

Key People

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

References