Bitcoin Exchange Coinfloor Migrates Customer Base to CoinCorner
A new acquisition has two of the oldest Bitcoin exchanges serving the British market come together: UK-focused exchange CoinCorner has acquired the customer base and domains of Coinfloor, the UK's longest-running Bitcoin exchange.
All of Coinfloor's customers will now be transferred to CoinCorner, the exchanges told the BTC Times.
Coinfloor and CoinCorner have been serving the UK market for years, with both exchanges being among the oldest in the region. The migration will provide Coinfloor's users a list of new features supported by CoinCorner, including Bitcoin cash back, a Bitcoin payments solution, and a Lightning integration.
The developments come as CoinCorner announced last week it has gone carbon-neutral, adding to a range of developments involving sustainable solutions for Bitcoin businesses.
The acquisition was based on aligned goals among the two exchanges, Coinfloor CEO Obi Nwosu said: "CoinCorner and Coinfloor have always stood for the same principles: the growth and support of the Bitcoin technology philosophy and community; focus on helping customers as our highest priority; and providing safe and simple ways to buy Bitcoin."
During the transitionary period, Nwosu will take on an advisory role at CoinCorner. Coinfloor customers can choose to migrate their accounts to CoinCorner or alternatively close their Coinfloor accounts and withdraw their funds. While CoinCorner is acquiring Coinfloor's domains and user base, Coinfloor's company and assets will not be acquired.
The UK has seen steady growth within its local Bitcoin space; June numbers released by the Financial Conduct Authority, the UK's financial watchdog, estimated the number of UK citizens who hold cryptocurrencies to be around 2.3 million — a rise of 400,000 since the previous year. To add to the developments, PayPal rolled out bitcoin purchases for its British customers earlier this month.
Meanwhile, the UK's central bank has shown itself less Bitcoin-friendly. In May, Bank of England governor Andrew Bailey reiterated his previous comment that Bitcoin has "no intrinsic value," and that holder should "be prepared to lose all [their] money."
Like the central banks in various other countries, however, the Bank of England has expressed its interest in central bank digital currencies (CBDCs): in April this year, the central bank appointed a Taskforce to research the risks and opportunities associated with a central bank digital currency (CBDC).