The Coinfloor cryptocurrency exchange announced that from January 3, 2020, that is, on the 11th anniversary of the launch of the bitcoin network, it will cease Ethereum support and focus solely on the first cryptocurrency.
Coinfloor said that this solution will allow it to provide a wider range of services for bitcoin while simplicity of the process.
In the short term, our goal is to consolidate our position as the leading Bitcoin exchange in the UK. In 2020 and beyond, we will expand the product line, focusing on the long-term vision of ourselves as a leading provider of financial services that strengthen the economy of Bitcoin.
Ethereum delisting will be part of this process. Deposits and trading in the second cryptocurrency by capitalization will be deactivated on January 3, the day when the genesis block of bitcoin was generated in 2009.
Withdrawals will be available after this date, but will be carried out at higher commissions.
Coinfloor founder Obi Nwosu said to Coindesk that the decision to delist Ethereum was largely due to the cumbersome technical support of this cryptocurrency with low demand by the platform's customers. He also recalled the expected platform updates and the transition to Ethereum 2.0, which may take several years.
You have to maintain that currency, every time they make an update or a change, and ethereum has got a long way to go with updates and changes to the platform.
Bitcoin Cash will also be delisted.
In terms of traction compared to bitcoin, [bitcoin cash] has gone from a third of the market cap to one-tenth of market cap over last year. So it was under a certain level of support and interest for us to expend resources on listing.
It was also reported that Coinfloor will also explore new avenues in areas such as lending in the coming year, Nwosu said.