Coinfloor

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Coinfloor Limited
Limited company
Industry Bitcoin exchange
Founded 2013
Headquarters Chancery Lane
London, WC2
United Kingdom
Key people
Adam Knight, Chairman
Mark Lamb, Founder
Obi Nwosu, Managing Director
Website coinfloor.co.uk

Coinfloor is a London-based bitcoin exchange established in early 2013.[1]

Coinfloor has launched the first exchange-backed Peer-to-Peer marketplace for bitcoin, "Coinfloor Market", which connects vetted brokers with investors and consumers looking to buy bitcoins. Buyers are able to send funds directly to a broker using a local UK bank transfer.[2] Coinfloor is also the first exchange to employ a sophisticated algorithmic rounding engine for fee calculation.[1] By allowing direct conversion between bitcoins and the British Pound (Sterling), the exchange aims to reduce the inconvenience of a two-step conversion that people holding Sterling used to have to go through.[3]

The start-up was founded by Mark Lamb, Amadeo Pellicce, and James McCarthy.[4] In October 2013 the company announced raising an undisclosed amount of venture capital funding from Passion Capital and Taavet Hinrikus,[5] co-founder of TransferWise and the first employee at Skype.[5] In December 2013, Obi Nwosu also joined the company as a co-founder.[6]

Headquarters of Coinfloor in the City of London.

Regulation[edit]

Coinfloor is not an FCA-regulated entity but has received formal communication from the regulatory body deeming regulation not necessary at this point in time.[1] Bitcoin is currently not classified by the FCA as money and as such is not representative of monetary value. Coinfloor has been working closely with the HMRC on the classification of bitcoin.[7]

Coinfloor was the first bitcoin exchange to be registered as a Bureau de change with HM Revenue & Customs[8] and is registered at Companies House with registration number 08493818. Date of Incorporation: 18/04/2013

History[edit]

Coinfloor began opening accounts for European customers on 29 October 2013 and announced it would be open for trading on 5 November 2013.[1] The 5 November opening of trading was delayed due to technical problems, and Coinfloor re-launched on 25 March 2014 .[9]

Six weeks from launch Coinfloor became the first ‘Publicly Auditable’ bitcoin Exchange with a blockchain based proof of solvency available monthly to all its users.[10][11]

A week later Coinfloor announced setting up an over-the-counter market for bitcoin, aimed at investors looking to do large block trades in bitcoin.[12]

At April of 2014 Coinfloor planned to publish encrypted lists of accounts and balances which customers would be able to view from their wallets.[13]

On 30 June 2014 Coinfloor began accepting domestic deposits via local bank transfer in an effort to accelerate its local payments services.[14] After three months of operations with Faster Payments, Coinfloor withdrew the option from its offer, after the Isle of Man banks demand that Capital Treasury Services (CTS), the company that linked bitcoin businesses to banks, cuts all ties with the bitcoin industry.[15]

In July 2014 Coinfloor announced the joining of an investor and Coinfloor's new executive chairman Adam Knight,[16] a former managing director from both Goldman Sachs and Credit Suisse.

In September 2014, after six months of continuous operations, Coinfloor reported reaching over 1,130 bitcoin in 24h trading volume and a 30-day trading volume of over 1 million pounds.[17]

In November 2014, Obi Nwosu took over as Managing Director and the company started to focus more on its relationships with the UK’s top bitcoin brokers. In the period between Q1 2015 and Q3 2016, Coinfloor has launched a number of services including Coinfloor Market[18] and Advance Withdrawals.[19]

In July 2015, Coinfloor launched exchange-backed P2P UK bitcoin marketplace.[20] [21]

In January 2017, Coinfloor adopted a 'no-fee' bitcoin trading policy[22]. however trading fees were reinstated on December 15th 2017 "in order to be more in line with industry practice".[23]

References[edit]

  1. ^ a b c d Solon, Olivia (October 29, 2013). "London-based Bitcoin exchange Coinfloor opens for business". Wired. Archived from the original on January 22, 2014. Retrieved January 22, 2014. 
  2. ^ "Coinfloor Launches Broker-Based UK Bitcoin Marketplace". Coindesk. 
  3. ^ Bown, Jessica (November 10, 2013). "Bitcoin exchange launch is delayed: Warning for investors in virtual currency". The Sunday Times. Retrieved January 22, 2014. 
  4. ^ "UK bitcoin exchange Coinfloor opens for business". Coindesk. Archived from the original on January 9, 2014. 
  5. ^ a b O'Hear, Steve (October 29, 2013). "Coinfloor Is A New UK-Based Bitcoin Exchange Backed By Passion Capital And Transferwise Founder Taavet Hinrikus". TechCrunch. Archived from the original on October 30, 2013. Retrieved January 22, 2014. 
  6. ^ "Obi Nwosu". LinkedIn Profile. 
  7. ^ "Coinfloor applauds HMRC's position on the classification of Bitcoin". Coinfloor Blog. 
  8. ^ "Supervised Businesses Register". HMRC. 
  9. ^ "UK Bitcoin Exchange Coinfloor Opens Registration, Incentivizes Early Adopters". Coindesk. Archived from the original on March 28, 2014. 
  10. ^ "Coinfloor Become First Publicly Auditable Bitcoin Exchange". CoinDesk. 
  11. ^ "London's New Bitcoin Exchange Hopes to Avoid Mt. Gox Fate". The Wall Street Journal. 
  12. ^ "London start-up to launch new market for Bitcoin". The Independent. 
  13. ^ "Coinfloor's Quest to Invent Post-Gox Exchange Security". Cointelegraph. 30 April 2014. 
  14. ^ "Coinfloor Boosts UK Deposit Speeds In Customer Satisfaction Bid". CoinDesk. 
  15. ^ "Banks Cut Ties With Isle of Man's Bitcoin Industry". CoinDesk. 
  16. ^ "Bitcoin taps former Credit Suisse commodities boss Adam Knight". Financial Times. Archived from the original on October 7, 2014. 
  17. ^ "UK Bitcoin Exchange Coinfloor Expands, Plans on Launching BTC Fund". Cointelegraph. 20 October 2014. 
  18. ^ "Coinfloor Market - world's first exchange-backed bitcoin marketplace". Coinfloor Blog. July 2, 2015. 
  19. ^ "Coinfloor introduces Advance Withdrawals for quicker access to your bitcoins". Coinfloor Blog. June 30, 2015. 
  20. ^ "Coinfloor Launches Broker-Based UK Bitcoin Marketplace". CoinDesk. 2015-07-02. Retrieved 2017-11-17. 
  21. ^ "UK Bitcoin Exchange Coinfloor Launches P2P Marketplace". Cointelegraph. 2 July 2015. 
  22. ^ "UK Exchange Coinfloor Embraces 'No-Fee' Bitcoin Trading - CoinDesk". CoinDesk. 2017-01-16. Retrieved 2017-10-19. 
  23. ^ "Coinfloor to discontinue the Express Buy service, change deposit minimums, and reinstate trading fees". Coinfloor Blog. Retrieved 2017-12-24. 

External links[edit]