Coinfloor is a company.
Coinfloor has raised $340K across 1 funding round.
Key people at Coinfloor.
Coinfloor has raised $340K in total across 1 funding round.
Key people at Coinfloor.
Coinfloor has raised $340K in total across 1 funding round.
Coinfloor is a London-based cryptocurrency exchange founded in 2013, specializing in Bitcoin-to-GBP trading for institutional and sophisticated investors, with a strong emphasis on security, transparency, and trustworthiness.[1][2][5] It pioneered features like public blockchain-based proof of solvency and multi-signature cold storage, while offering services such as a broker-based marketplace (Coinfloor Market) and no-fee trading policies introduced in 2017.[1][3][4] Targeting UK and European users, brokers, and large investors, Coinfloor addressed early crypto market pain points like security risks, slow fiat on-ramps, and lack of auditability in unregulated exchanges.[1][2]
The platform served retail and institutional traders via a simple web-based interface supporting Bitcoin and Bitcoin Cash, with plans for expansion to other assets like Ethereum.[3] Growth included rapid launches post-2013 funding from Passion Capital and Taavet Hinrikus, but operations faced challenges like banking restrictions and technical delays, leading to a pivot toward broker relationships and advanced services by 2015-2016.[1][4] Note: Coinfloor Limited entered liquidation as of recent filings, with overdue accounts since 2022.[6]
Coinfloor was incorporated on April 18, 2013, as Coin Floor Ltd (later COINFLOOR LIMITED), founded by Mark Lamb (ex-Bitcoin broker handling 10% of UK market), Amadeo Pellicce, James McCarthy (aka Nefario, prior founder of Global Bitcoin Stock Exchange), and later co-founder Obi Nwosu (CEO with 20+ years in ecommerce and virtual currencies at QXL, ebookers.com, and WeeWorld).[1][2][6] The idea emerged amid Bitcoin's early hype, aiming to build the world's most reputable exchange focused on security in a scam-prone space.[1][2]
Key early milestones: In October 2013, it raised undisclosed VC from Passion Capital and TransferWise co-founder Taavet Hinrikus; trading launched (after delays) on March 25, 2014, for European customers.[1][3] Within weeks, it became the first publicly auditable Bitcoin exchange via monthly blockchain proof of solvency.[1][3] Obi Nwosu became Managing Director in November 2014, shifting focus to UK brokers amid banking hurdles.[1] McCarthy stepped down as CTO in 2013 and left entirely in 2014.[2]
Coinfloor rode the 2013-2017 Bitcoin boom, capitalizing on rising UK/European demand for regulated-like crypto access amid global exchange hacks (e.g., Mt. Gox).[1][2] Its timing aligned with Bitcoin's shift from niche to institutional interest, introducing auditability and cold storage when most platforms lacked them, influencing standards for trust in unregulated markets.[1][3] Market forces like UK banking hesitancy (e.g., Isle of Man banks severing ties in 2014) forced pivots to brokers, highlighting fiat-crypto chokepoints that later shaped stablecoin and CBDC discussions.[1]
It influenced the ecosystem by normalizing proof-of-reserves (now industry norm post-FTX) and broker models, paving the way for exchanges like CoinFLEX (its 2018 Hong Kong reorg for crypto futures).[4] As the UK's oldest crypto exchange group, it boosted London's fintech hub status for sophisticated traders.[5]
Coinfloor's legacy as a security pioneer endures, but its liquidation (ongoing as of 2022 filings with overdue reports) signals challenges from crypto winters, competition, and regulatory shifts.[6] A successor like CoinFLEX eyes Asian futures trading, suggesting evolution beyond spot GBP pairs.[4] Rising trends—stricter FCA rules, ETF approvals, and institutional adoption—could revive similar models, but Coinfloor's influence lives in modern proofs-of-reserves and broker ecosystems. Watch for asset sales or team spinouts; its early bets on transparency position alumni to shape compliant Web3 infrastructure.[1][2]
Coinfloor has raised $340K across 1 funding round. Most recently, it raised $340K Venture Round in June 2014.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jun 1, 2014 | $340K Venture Round |
