Adam Knight, Chairman|
Mark Lamb, Founder
Obi Nwosu, Managing Director
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. Coinfloor is also the first exchange to employ a sophisticated algorithmic rounding engine for fee calculation. 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.
In October 2013 the company announced raising an undisclosed amount of venture capital funding from Passion Capital and Taavet Hinrikus, co-founder of TransferWise and the first employee at Skype. Coinfloor announced a major layoff of the majority of its staff in October 2018.
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. 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.
Coinfloor was the first bitcoin exchange to be registered as a Bureau de change with HM Revenue & Customs and is registered at Companies House : registration number 08493818, Incorporated: 18/04/2013.
Coinfloor began opening accounts for European customers on 29 October 2013 and announced it would be open for trading on 5 November 2013. The 5 November opening of trading was delayed due to technical problems, and Coinfloor re-launched on 25 March 2014.
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.
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.
On 30 June 2014 Coinfloor began accepting domestic deposits via local bank transfer in an effort to accelerate its local payments services. 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.
In July 2014 Coinfloor announced the joining of an investor and Coinfloor's new executive chairman Adam Knight, a former managing director from both Goldman Sachs and Credit Suisse.
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