UK Exchange Coinfloor Delists ETH and BCH to Focus on Bitcoin
Coinfloor, the UK's longest-running crypto exchange, announces it will delist Ethereum and Bitcoin Cash to become a Bitcoin-only service.
In a move that signaled a growing trend, Coinfloor, the United Kingdom's longest-running cryptocurrency exchange, announced its decision to delist Ethereum (ETH) and Bitcoin Cash (BCH) in January 2020 to focus exclusively on Bitcoin. The decision is relevant to the Bitcoin timeline as it marks a strategic shift by an established industry player to prioritize Bitcoin over other prominent cryptocurrencies.
Coinfloor's CEO, Obi Nwosu, cited the significant technical support overhead required for altcoins, particularly due to their frequent and contentious hard forks, as a primary reason for the change. He noted the upcoming 'Muir Glacier' hard fork for Ethereum, the second in a short period, as an example of the instability that drained company resources for relatively little trading volume.
By becoming a 'Bitcoin-only' exchange, Coinfloor aimed to simplify its operations and dedicate all of its resources to providing the best possible service for what it considered to be the most important and stable asset in the space.The move was seen as a bellwether, with many in the industry predicting that more exchanges would follow suit and specialize rather than continuing to list an ever-expanding menu of altcoins.