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Dominant cryptoexchanges in bloom, lesser exchanges keep fighting bearish market

Dominant cryptoexchanges in bloom, lesser exchanges keep fighting bearish market
Oct 9, 2018 by Rico Wise

The biggest digital currency brokerage on the globe, Coinbase, is reported to be just 500 million dollars short of approaching the value of 8 billion US dollars. Another major cryptoexchange, Binance, has doubled down on operations in the financing sector, engaging in blockchain startup investments all over the world.

Nevertheless, despite the progress seen with major digital currency exchanges, the lesser ones still have to deal with the bear market.

Coinfloor, the first British exchange, has drastically shortened its staff subsequent to registering a major profit decrease, which happened due to the decline in trading volume of dominant digital currencies and the establishment of new cryptoexchanges in the UK market.

In early September, Coinbase has enlisted the GBP currency, officially expanding its operations into the British digital currency market. This move disrupted the stagnation, which has been around in UK for a few years because of the insufficient infrastructure and lack in customer demand. Coinbase took down the exchange rates and appealed to British customers, who have longed for a cryptoexchange to rely on.

The staffing cuts conducted at Coinfloor are partially credited to the expansion of dominant cryptoexchanges to the UK, setting up a competition difficult to keep up with. Still, the significance of such cuts cannot be neglected, mainly because Coinfloor has secured a lot of strategic partnerships and financiers, including Taavet Hinrikus, Passion Capital, Adam Knight, and CreditSuisse, all of which have been providing their support and investments to Coinfloor from day one.

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