While the crypto community is talking about “altcoin season,” one of the world’s oldest crypto exchanges is calling BS on everything that is not BTC.
Focused on Bitcoin, the world’s first ever cryptocurrency, Coinfloor is launching a range of new consumer-oriented investing and trading services in order to make Bitcoin easy for everyone, the firm said in an announcement shared with Cointelegraph on Feb. 19.
Coinfloor wants to reduce stress of buying Bitcoin
As part of its “no BS” approach to crypto, Coinfloor is starting to launch its new set of services today with the “No BS Education” guide. The new educational section on Coinfloor website is intended to provide free access to provide simple and trusted knowledge about cryptocurrencies and Bitcoin such as on how to buy crypto and choose a crypto exchange.
Coinfloor’s No BS Education guide outlines that Bitcoin is the “most powerful form of money ever made” as well as the “best cryptocurrency for retail investors and traders” despite still not being perfect in terms of usability for everyday transactions. On the other hand, the guide notes that investing in altcoins — other cryptocurrencies than Bitcoin — “has historically been more risky than Bitcoin.”
Obi Nwosu, CEO and founder of Coinfloor, emphasized that many crypto exchanges provide confusing or even dishonest services in order to benefit from beginners in the industry. According to the executive, the new crypto guide will help new Bitcoin adopters to learn the most proper information about the industry. Nwosu said:
“Too many of our peers provide questionable, complicated and dishonest services to try and exploit novice consumers. [...] 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.”
Reducing min deposit amount from $1,300 to about $300
Coinfloor’s other new services include auto-buying Bitcoin service and multi-signature Bitcoin custody. According to the announcement, Coinfloor’s Auto Buy option will be launched in March 2020.
Nwosu noted in an email to Cointelegraph that both No BS Education and Auto Buy were developed by Coinfloor’s internal team. Outlining Coinfloor’s ambitious status of the longest-running crypto exchange, Nwosu continued:
“With nearly 6 years worth of Bitcoin Audits, no one comes close to our level of experience in transparently proving our solvency to our exchange clients. Also, our Bitcoin only decision, experience running an exchange since 2013, and our track record rolling out products like physically delivered futures over the years, gives us the experience needed to provide our Auto Buy service.”
As part of Coinfloor’s call to provide more accessible Bitcoin services, Coinfloor has also reduced minimum deposit for its professional trader customers from 1,000 British pounds ($1,300) to 250 pounds ($325).
The London-based is “preemptively compliant” with crypto regulation
As Coinfloor is a major crypto exchange based in the U.K., the platform is apparently subject to regulation by the Financial Conduct Authority (FCA) that strengthened its anti-money-laundering (AML) control in January 2020. According to Nwosu, FCA’s increased AML procedures don’t raise any concerns for the exchange as Coinfloor positions itself as “preemptively compliant.”
Nwosu, who previously participated in a select committee on crypto regulation in the U.K., said:
“As Coinfloor has always sought to be preemptively compliant, the introduction of crypto specific regulation is a benefit to us as it provides clarity to our clients, suppliers, and ourselves. We do believe that it may be difficult for some of the smaller established companies in the space to meet the regulatory requirements and have shared these concerns with the FCA in the past.”
Coinfloor announced its intention to delist all cryptocurrencies but Bitcoin in December 2019, promising the public that the exchange will become a Bitcoin-only exchange in January 2020. As of press time, Coinfloor’s average daily trading volume accounts for $1.4 million or about 138 Bitcoin, according to data from Coin360. According to Coingecko, Coinfloor now indeed supports only Bitcoin, with just two trading pairs, BTC/GBP and BTC/EUR.