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Coinfloor, a UK-based cryptocurrency exchange platform, plans to lay off some of its employees. The oldest exchange service in Britain says the move is part of a restructuring process brought about by certain changes in the virtual currency market dynamics.
Restructuring Necessary Due to Changing Cryptocurrency Landscape
According to Financial News, Coinfloor is set to lay off some of its workers. Inside sources revealed that the job cuts would affect a greater majority of the company’s workforce — which totals more than 40 employees.
Coinfloor chief executive, Obi Nwosu confirmed the reports but didn’t elaborate on the number of affected staff members. Commenting on the matter, Nwosu said:
It can be challenging enough to keep up with the fast-paced world of cryptocurrencies and their price fluctuations. The challenges can be compounded when you cannot find a consistent source for these prices and the vital statistics used to make informed trading decisions.
Following a frenzy of activity over the weekend which pushed the total crypto market capacity over $ 800 billion and shut down several exchanges to new users, analytics website CoinMarketCap arbitrarily decided not to include data from South Korean exchanges.