08 Oct UK’s oldest bitcoin exchange slashes jobs
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The UK’s oldest bitcoin exchange is to cut the majority of its staff in a surprise setback for the City’s fintech industry.
Coinfloor, the exchange backed by TransferWise founder Taavet Hinrikus and venture capital firm Passion Capital, is in the process of slashing most of its approximately 40 employees, according to two people familiar with the matter.
Obi Nwosu, chief executive at Coinfloor, confirmed the reductions were taking place, but declined to comment on how many.
He said it was normal for any company to grow or make cuts depending on the market environment and that the exchange had “seen significant change in trade volume across the market”.
In a statement, he added: “Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies.”
The cuts are one of the first signs of downsizing from a market that…
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