Coinfloor exchange delisting ether next month; to focus only on bitcoin

Yogita Khatri

Cryptocurrency exchange Coinfloor, licensed by the U.K. Financial Conduct Authority, is delisting ether (ETH) on Jan. 3.

Announcing the news Tuesday, Coinfloor said it will only focus on bitcoin (BTC) and financial services related to the world’s largest cryptocurrency, from 2020 onwards. 

“No other cryptocurrency currently comes close to Bitcoin’s track record, industry support, or brand recognition, so focusing on Bitcoin made perfect sense,” said Obi Nwosu, founder and CEO of Coinfloor, adding that bitcoin is “inflation proof” cryptocurrency and has the potential to become the “best form of money.”

Founded in 2013, Coinfloor is delisting ether reportedly because of the unclear future of hard forks and technical support required for the world's second-largest cryptocurrency. Ethereum plans to launch version 2.0 of its platform early next year, which will begin the process of shifting the network away from the proof-of-work consensus mechanism to proof-of-stake. 

Nwosu told CoinDesk that Ethereum’s platform upgrade “could take years to complete,” and the complexity of the operation “means for a period of time there could be two versions of ethereum running.” 

Coinfloor is reportedly also delisting bitcoin cash (BCH) and will focus on new services such as lending in the coming year.