Coinfloor, a London-based oldest crypto exchange set to focus solely on Bitcoin, the largest cryptocurrency by market capitalizations. What’s more shocking is that the exchange announced to delist the other leading cryptocurrency, notably Ethereum.
Announced on December 17, Coinfloor states that the platform will only support Bitcoin and provide a richer set of services for the crowning cryptocurrency. However, it mentioned that the update will come in effect on the 11th anniversary of Bitcoin’s launch on January 03, 2020.
During 2020 and onwards, we will expand our product offering to focus on our long-term vision of being the leading provider of financial services that facilitate the Bitcoin economy, reads a blog post.
This being said, the exchange will restrict Ethereum and other tokens on its exchange from the 3rd of January next year – which however is currently available to deposit, purchase and sale on its platform. It was also mentioned that the exchange will continue to support custody and withdrawals after January 3rd but with an increased administrative fee.
Speaking about the decision to delisting Ethereum and dedicating the platform for Bitcoin, Obi Nwosu, Founder & CEO of Coinfloor said:
“Since I first came across Bitcoin in 2011, I have seen it grow to become a mature proven currency said, Obi. No other cryptocurrency currently comes close to Bitcoin’s track record, industry support, or brand recognition, so focusing on Bitcoin made perfect sense.
He went on to say that “Bitcoin is the dominant decentralized, value-driven, and inflation-proof cryptocurrency”. Furthermore, he remarked that this currency carries the huge potential to witness to best money the world has ever seen. Moreover, Obi strongly believes that Bitcoin is the only game in town. It was also said that the second major cryptocurrency, Ethereum is yet to overcome major changes and Ethereum 2.0 to replace Ethereum 1.0 is simply proof that Ethereum is not proven yet.
“Purely objectively speaking, if the developers are working on a replacement to Ethereum, they don’t believe that it currently solves the problem it is meant to solve.
Perhaps, the Ether delisting announcement is the result of the exchange’s skeptical view on Ethereum’s failed effort to overcome its existing problems. In contrast, his view is that Bitcoin already solves various problem today and other cryptocurrencies are just “cream on top of the coffee”. He affirms Bitcoin is already solving the problem today and this is very clear.
Image Source – Flickr
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