London Cryptocurrency Exchange Coinfloor Confirms Layoffs

Coinfloor, the oldest bitcoin exchange in the U.K., will lay of most of its 40 employees, according to two sources interviewed by the Financial News.

The layoffs at the London-based exchange are in response to “significant” change in market volume, according to Obi Nwosu, Coinfloor’s chief executive, and are seen as a setback for the country’s fintech industry, as the exchange is backed by Taavet Hinrikus, founder of TransferWise, as well as Passion Capital. Adam Knight, a former Goldman Sachs and Credit Suisse director, has also supported the exchange, whose customers had traded about $1 billion in the last 12 months, Nwosu said.

While Nwosu confirmed the layoffs, he did not confirm the number of employees affected. He said it is typical for a company to adjust staff based on the market, and Coinfloor has experienced a “significant change” in trading volume as cryptocurrency prices declined throughout most of the year and stagnated in recent weeks.

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