Coinfloor sets eyes on Bitcoin only services from Q1 2020

Coinfloor, provider of the UK’s longest running Bitcoin exchange, today announced it will focus on providing Bitcoin only services from the 3rd of January 2020, on the 11th anniversary of Bitcoin’s launch. The decision will allow Coinfloor to provide a richer set of services for the world’s leading cryptocurrency while maintaining focus on simplicity. Over the short-term, the business’s aim is to strengthen its position as the UK’s number one Bitcoin exchange. During 2020 and onwards, it will expand its product offering to focus on its long-term vision of being the leading provider financial services that facilitate the Bitcoin economy.

Part of this drive will see the company delist Ethereum, the second largest cryptocurrency, from its exchange. Clients currently depositing, buying and selling Ethereum on the platform will not be able to do so from 3rd of January 2020.Ethereum custody and withdrawals will continue beyond this date but will incur an increased administrative fee.

Speaking of the move to focus on Bitcoin and delist Ethereum, Obi Nwosu, Founder & CEO of Coinfloor said:“Since I first came across Bitcoin in 2011, I have seen it grow to become a mature proven currency. No other cryptocurrency currently comes close to Bitcoin’s track record, industry support, or brand recognition, so focusing on Bitcoin made perfect sense. Bitcoin is the dominant decentralised, value-driven, and inflation proof cryptocurrency, which gives it the potential to become the best form of money the world has ever seen”.

He adds: “The ecosystem of businesses and consumers using or holding bitcoins is growing every day as more people start to recognise its worth. Coinfloor has the opportunity to create financial services that not only meet the Bitcoin ecosystem’s needs, but also contribute to making this future form of money available to everyone. That being said, we continually look to identify other cryptocurrencies that provide a differentiated proven value proposition, have a strong capable community of supporters, and maintain a focus on decentralisation and censorship resistance.”