Cryptocurrency News

Coinfloor to Delist Ethereum and Focus Only on Bitcoin

Coinfloor, the UK-based one of the longest-running cryptocurrency exchanges has recently decided to delist Ethereum by the starting month of 2020. They’re a purpose for citing blurry visibility in the future of hard forks and the requirement for onerous technical support for the second biggest coin by market capitalization. 

Coinfloor is also looking forward to delisting bitcoin cash. The splinter currency was founded two years ago in the aftermath of bitcoin’s heated scaling debate. The company is bound to support the only bitcoin from January 3 on the day of the anniversary. 

The plan of launching Ethereum 2.0 has been tentatively planned for early 2020, which will begin the process from moving the network away from the energy-consumption proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS). 

From the point at which it starts next year, Ethereum’s platform upgrade “could take years to complete,” said Obi Nwosu, founder and CEO of Coinfloor. The complexity of the operation “means for a period of time there could be two versions of Ethereum running.” 

Keeping in line the statements of Ethereum developers, it’s predicted that before the old Ethereum PoW chain fully merged into the new PoS network, it will lead the current discussion to create a secure bridge between the two chains. 

Coinfloor to Delist Ethereum

Coinfloor, recognized in 2013, is a small exchange with a 24-hour volume of trading between bitcoin and GBP at worth $45000, compared to $1.5 million of BTC/GBP at Coinbase Pro. 

“You have to maintain that currency, every time they make an update or a change, and Ethereum has got a long way to go with updates and changes to the platform,” Nwosu said. 

Coinfloor, that is authorized by the U.K. monetary Conduct Authority (FCA) and has access to the country’s faster Payments Service for fast enactment deposits and withdrawals, waited for regulative certainty around Ethereum before finally listing the token round the finish of last year. Trading in Ethereum contains a small fraction of the exchange’s volume that is predominantly bitcoin, Nwosu said.

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Kshitij Chitransh