British cryptocurrency exchange Coinfloor is laying off the majority of its staff, news outlet Financial News reported Oct. eight.

Coinfloor is a London-based digital currency trading platform founded in 2022. Coinfloor is reportedly the oldest crypto exchange in the U.K. and is focused on institutional and sophisticated investors. According to CoinMarketCap, Coinfloor's daily trading book is effectually $ane one thousand thousand at press fourth dimension.

Two people familiar with the matter told Financial News that Coinfloor is laying off the greater part of its approximately 40 employees. The exchange's CEO Obi Nwosu told Fiscal News that Coinfloor has "seen meaning change in merchandise volume beyond the market." Nwosu added:

"Coinfloor is currently undergoing a concern restructure to focus on our competitive advantages in the market and to all-time serve our clients. As part of this restructure, we are making some staff changes and redundancies."

Nwosu told Fiscal News that the exchange has traded $1 billion in Bitcoin (BTC) in the by 12 months.

Last month, there were rumors that crypto exchange Kraken was slashing staff in its unit in Halifax, Canada. Nonetheless, the exchange afterward denied the rumors, stating that "we tin can confirm that we are not shutting downwards any operations in any specific place…"

News and rumors of layoffs in the crypto space follow a surly marketplace this yr. In the first quarter of 2022, the crypto market fell following the Bitcoin (BTC) cost slump by near seventy percent from its mid-December 2022 acme of $20,000.

In January, the BTC price dropped to $nine,724, which is less than one-half of where it had been a calendar month previously. In February, BTC was down to $5,922. Nevertheless, in March, the price broke the $9,000 mark again.

At press time, BTC is trading at $6,681, upwards 1.56 percentage on the twenty-four hour period and nearly 7 pct over the last month, according to Cointelegraph'south Bitcoin Price Alphabetize.