Coinfloor Migrates Customer Base to CoinCorner
• Coinfloor is one of the best Bitcoin exchanges. • Coinfloor is migrating its customers to cryptocurrency exchange CoinCorner. • CoinCorner has taken Coinfloor’s domain and user base.
Coinfloor took a backseat from providing cryptocurrency trading services after the exchange announced they are transitioning most of its services to the CoinCorner exchange. What happened? CoinCorner has announced that they have acquired the domains and customer base of the UK’s longest-running Bitcoin exchange, Coinfloor.
What is Coinfloor?
Founded in 2013, Coinfloor is one of the pioneer exchanges in the space, in addition to Kraken and Huobi Global.
This acquisition sees residents of the United Kingdom who trade and invest in cryptocurrencies enjoy the services of the merger of two of the country's oldest Bitcoin exchanges. With the acquisition in full force, CoinCorner has taken over all the customers on Coinfloor. In addition to this, Coinfloor exchange users that migrate to CoinCorner will be enjoying new features such as a Bitcoin payments solution, lightning integration, and Bitcoin cashback.
Why does it matter?
CoinCorner has been Carbon neutral since October 2021. Concerns exist about the high carbon emissions of Satoshi Nakamoto's innovative digital currency. So, creating such a sustainable solution for activities involving Bitcoin has been rated highly by experts.
The merger of Coinfloor and CoinCorner was based on shared goals by the two oldest Bitcoin exchanges.
Excerpts of comments made by the Chief Executive Officer of Coinfloor, Obi Nwosu, pointed to the sharing of the same principles and community goals. CoinCorner and Coinfloor believe that there is still room for growth for the Bitcoin technology, and, with time, it will achieve mainstream adoption. Aside from that, the merger aims to provide simple safe ways to buy Bitcoin for customers in the United Kingdom.
How does this affect Coinfloor customers?
CEO of Coinfloor Obi Nwosu becomes an advisor for CoinCorner. Coinfloor customers who are not happy with the migration can close their accounts and withdraw the remaining funds. Those who believe in the possibilities of CoinCorner can migrate their accounts to the exchange.
Although CoinCorner is acquiring the customers and online address of Coinfloor, the exchange will not be acquiring the assets of Coinfloor. Several cryptocurrency exchanges have had a hard time with regulation by the Financial Conduct Authority (FCA). Since cryptocurrencies are sometimes used in dark web activities, the FCA has closely monitored the situation.
The number of crypto users in the United Kingdom has risen significantly. This merger bodes well for customers since CoinCorner ticks all the boxes of regulations.
In addition to the use of CoinCorner to buy Bitcoin, PayPal and PaySafe Group's e-wallets (Skrill Money Transfer and Neteller) have rolled out Bitcoin purchases for UK customers. With that said, the UK's central bank does not see any intrinsic value in Bitcoin and digital currencies as a whole. As per the comments of Governor Andrew Bailey of the Bank of England, investors should be prepared to lose all their holdings.
Author: Raphael Darkwah
Raphael Darkwah/ Albert Zuhnden (preferred pen name) is a crypto finance expert who has covered several projects since taking a stake in Bitcoin in 2016. He has covered NFTs, decentralized finance, decentralized cloud storage networks, stablecoins, and several blockchain projects. He believes blockchain technology could revolutionize the world of work and money.