UK’s BTC-Only Exchange, Coinfloor, Simplifies Bitcoin Buying Service For Newbies
Coinfloor, one the earliest crypto exchanges based in the U.K, announced that it is in the process of scaling BTC services within its ecosystem. The firm made headlines towards the end of 2019 following a decision to delist all cryptocurrencies apart from Bitcoin.
According to the firm’s CEO, Obi Nwosu, Bitcoin’s historical track record shows less volatility than other altcoins. It would therefore make sense for newbies and veterans to invest in a digital asset with the best growth trajectory.
Coinfloor’s New Products
This U.K crypto market leader is seeking to capitalize on the 95% untapped market which doesn’t own crypto assets due to complex ‘technicalities’ involved in the process. Coinfloor has since introduced ‘Auto Buy’ and multi-sig BTC custody features meant for all sorts of investors with a particular interest of new market entrants. Nwosu is optimistic that these products will not only increase their market share but also activity in Bitcoin transactions. As it stands, Coinfloor’s daily average BTC trading volume is roughly 138 Bitcoins ($1.4 million)
Besides an ‘Auto Buy’ feature, the U.K crypto exchange also introduces an educational feature labeled ‘no BS’ in approaching digital currencies. This will mainly educate newbies on the best ways to navigate the crypto world given the high levels of misinformation in this industry. Coinfloor’s CEO emphasized on the importance of such a mentality;
“It’s just as important to honestly educate people about crypto in clear language and reduce the complexity that’s prevented widespread adoption and stopped Bitcoin from fulfilling its incredible potential.”
In an effort to onboard more clientele, Coinfloor also lowered its minimum limit for professional trading from $1,300 to $325. The firm has maintained it is confident of its ability to continue being compliant given a history of 6 successful annual BTC audit of their accounts. In addition, Nwosu noted that the decision by Financial Conduct Authority (FCA) to implement the 5AMLD is a plus for them as Coinfloor’s stakeholders will be more certain from a legal perspective.