Popular crypto exchange Coinfloor has announced that it will no longer support Ethereum in 2020.
According, to the CoinFloor Blog Post on 17, Dec 2019 it has announced that it will no longer support Ethereum in 2020. Coinfloor will also be delisting Bitcoin Cash (BCH) on January 3, 2020. The exchange plans to retain the only Bitcoin on its platform.
Post Words…”We are excited to announce that Coinfloor will focus on providing Bitcoin only services from the 3rd of January 2020, on the 11th anniversary of Bitcoin’s launch The decision will allow Coinfloor to provide a richer set of services for the world’s leading cryptocurrency while maintaining focus on simplicity. Over the short-term, the business’s aim is to strengthen its position as the UK’s number one Bitcoin exchange “Continue on Post…
CEO of Coinfloor said: “No other cryptocurrency currently comes close to Bitcoin’s track record, industry support, or brand recognition, so focusing on Bitcoin made perfect sense. Bitcoin is the dominant decentralized, value-driven, and inflation-proof cryptocurrency, which gives it the potential to become the best form of money the world has ever seen”
On 3rd of January 2020, CoinFloor Users Will Not Able to Buy/Sell, BCH and ETH. However, Ethereum custody and withdrawals will continue Supported until 3rd Jan. But will incur an increased administrative fee.
Bitcoin is way ahead of everyone else
The blogpost also disclosed that Ethereum technology has yet to be proven. Thus, it has to find solutions to several pending issues on its network. Including its proposed transition from Ethereum 1.0 to Ethereum 2.0.
At the same, according to the exchange, bitcoin is already bringing solutions to real-life issues,. Nwosu stated that: “People are looking at improving Bitcoin, […]but Bitcoin is already a good solution to the problem. Everything else is cream on top of the coffee. It is already solving the problem today.”
The exchange however disclosed that it might relist Ethereum.
To add, Coinfloor is the first crypto exchange to become crypto monogamous. It claims that this is because it realized that Bitcoin is “way ahead of everyone else.” Nwosu also added that he hopes more exchanges will follow its decision in the near future.