{"id":9315,"date":"2018-10-09T00:00:00","date_gmt":"2018-10-09T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/10\/09\/coinfloor-lays-off-half-of-its-employees\/"},"modified":"2018-10-09T00:00:00","modified_gmt":"2018-10-09T00:00:00","slug":"coinfloor-lays-off-half-of-its-employees","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/coinfloor-lays-off-half-of-its-employees\/","title":{"rendered":"London Cryptocurrency Exchange Coinfloor Lays Off Half of Its Employees"},"content":{"rendered":"
UK\u2019s oldest cryptocurrency exchange Coinfloor<\/strong> is having financial troubles. Established in 2013, Coinfloor is the first cryptocurrency that was aimed at the UK market.<\/span><\/p>\n It has a little more than three dozen employees and according to a report published by news outlet Financial News on October 8<\/span>th<\/span><\/sup>, Coinfloor is going to be laying off at least half of them in the coming months.<\/span><\/p>\n The company is opting to take this desperate measure to stay financially afloat after its customer base dwindling and its trading volume reducing. According to CoinMarketCap, Coinfloor\u2019s daily trade volume averages about $1 million<\/strong> which is significantly low considering the exchange mainly serves institutional and sophisticated investors.<\/span><\/p>\n The exchange has suffered stiff competition over the years as more exchanges more vigorous and aggressive have been launched leading to a constantly reducing trade volume. However, the overall cryptocurrency space has been going through a market correction that has seen several exchanges incur similarly reduced trade volumes but it has been especially hard on Coinfloor to whether the crypto market correction and now in order to stay financially healthy, the company will be losing a significant portion of its most important asset.<\/span><\/p>\n <\/a><\/p>\n