The Oldest UK Crypto Exchange Plans to Delist ETH and BCH

December 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The oldest UK cryptocurrency exchange Coinfloor, which today has very modest trading volumes, plans to delist Ethereum and Bitcoin Cash next month.

As the reason for the decision, it pointed out the burdensome technical support of the second largest cryptocurrency with its low demand among platform clients, CoinDesk writes.

Bitcoin Cash will also be delisted. Starting January 3, Coinfloor will only work with Bitcoin, the eleventh anniversary of the creation of which falls on this day.

Coinfloor unveiled its plan in anticipation of the launch of Ethereum 2.0, expected in the first half of 2020. Coinfloor founder Obi Nwosu suggests that upgrading the Ethereum platform can take several years, which will complicate the work of the exchange if two co-existing networks with separate assets arise.

“You have to maintain that currency, every time they make an update or a change, and ethereum has got a long way to go with updates and changes to the platform,” Nwosu said.

Coinfloor was founded in 2013 and currently has about $2 million in daily trading volume for two supported pairs with Bitcoin, which allows it to occupy 137th place in the list of trading platforms. Ethereum makes up only a small fraction of the total trading volume, Coinfloor founder said.

Similar prerequisites led Coinfloor to the decision to abandon further work with Bitcoin Cash.

“In terms of traction compared to bitcoin, [bitcoin cash] has gone from a third of the market cap to one-tenth of market cap over last year. So it was under a certain level of support and interest for us to expend resources on listing it,” Nwosu said.

Author: Marko Vidrih