In the latest crypto news, we are covering the rise of crypto exchanges lately – especially the largest ones out there on the market.
As first, we have the world’s largest crypto brokerage Coinbase which just got closer to finalizing a $500 million funding round at a valuation of $8 billion – as well as Binance which recently got more active in the investment sector, continuously funding blockchain startups.
However, the situation for smaller exchanges is not that good.
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While the major exchanges including Coinbase, Binance, and BitMEX are making leaps forward, smaller ones are in a bearish market, according to analysts.
A great example of this is Coinfloor, the exchange which slashed the number of its employees after seeing a decline in its revenues as a result of the drop in the daily trading volume of cryptocurrencies like Bitcoin as well as other altcoins. There are many similar cases to Coinfloor, which are mainly exchanges concerned by the low volume.
However, the UK CEO of Coinbase, Zeeshan Feroz, has been smart in dealing with challenges like these – even though his exchange is nowhere near the smaller ones out there. As he said in an interview:
“We have been working to introduce Faster Payments for as long as we’ve been operating in the UK. Customers not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from Pound Sterling to Euros and vice versa to add and remove funds, there will be no more exchange rates. This will make crypto easily accessible to most people in the UK.”
Still, we cannot dismiss the significance of Coinfloor’s cut of its employee count – mostly because of the strategic partners and investors that the UK-based exchange secured over the years.
Despite the involvement of high profile investors and venture capitalists, Coinfloor has not been able to face the stiff competition. As the CEO of the exchange Obi Nwosu said:
“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.”
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