The oldest bitcoin exchange in the United Kingdom, Coinfloor has announced that it will be laying off a major portion of its workforce. The exchange led by Obi Iwosu has greatly suffered from the rough year bitcoin price had.

Coinfloor is Prepared to Layoff

Coinfloor has made it known that it is all set to begin laying off its staffs in days to come. As an exchange which is largely dependent on bitcoin price and value to function adequately.

This layoff action is considered to be as a result of the nosedive in the price of bitcoin this year. The coin moved from a high of about $20,000 to its current stable level of just $6500.

About Coinfloor

Coinfloor is the first exchange-backed Peer-to-Peer marketplace for bitcoin, “Coinfloor Market”. The exchange serves as the middleman between buyers and vetted sellers of bitcoins. The exchange makes it possible for a user to be able to buy bitcoin using bank transfer, at a time when this feature was almost near impossible. Coinfloor as also been regarded as the first exchange to adopt the use of a comprehensive algorithmic rounding engine for the calculation of transactional fees.

Drop in Transaction Rate

Recently, the exchange reported a drop in the number of transactions it performs on its platform. This simply means the fees generated from a trade, which happens to be the company’s only source of revenue has swindled. As a result of this, it is expected that the company will not be buoyant enough to see to it that its staffs get paid right and on time.

The report of the coming layoff has been confirmed by the company’s managing director, Obi Nwosu. However, he hasn’t confirmed the actual number of staffs which will get laid off. He MD as further made it clear that it is not uncommon for “a company to adjust its headcount based on the state of the market.”