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Coinfloor to delist Ethereum and focus on Bitcoin

By Charlotte Ricca

Decision comes just ahead of the launch of Ethereum 2.0

Coinfloor has announced plans to delist Ethereum from its exchange and focus solely on Bitcoin trading.

The UK’s longest-running cryptocurrency exchange said its decision is part of its plan to become the “leading provider of financial services that facilitate the Bitcoin economy”.

Clients currently depositing, buying and selling Ethereum on the platform will not be able to do so from January 3, 2020.

Bitcoin has the potential to become the “best form of money the world has ever seen”, said Obi Nwosu, founder and CEO of Coinfloor.

“No other cryptocurrency currently comes close to Bitcoin’s track record, industry support, or brand recognition, so focusing on Bitcoin made perfect sense,” he said. “It is the dominant decentralised, value-driven, and inflation proof cryptocurrency.”

The decision comes just ahead of the launch for Ethereum 2.0, planned for early 2020, which will shift the currency’s algorithm from proof-of-work (PoW) to proof-of-stake (PoS).

Coinfloor is reportedly de-listing the currency because this upgrade “could take years to complete”, creating an unclear future of hard forks, where there could be two versions of Ethereum running for a period of time.

The platform has also de-listed Bitcoin Cash. From January 3, Coinfloor will only support Bitcoin, which is also the 11th anniversary of the cryptocurrency.

While its focus is now on Bitcoin, Nwosu said Coinfloor is continually looking to identify other cryptocurrencies that “provide a differentiated proven value proposition, have a strong capable community of supporters and maintain a focus on decentralisation and censorship resistance”.

FURTHER READING: Ethereum’s Istanbul hard fork goes live in seamless upgrade

FURTHER READING: Bitcoin prediction this week: will the cryptocurrency decline further

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