November 27, 2022

The oldest British cryptocurrency exchange will stop trading in ether due to upcoming updates to Ethereum 2.0

The oldest British cryptocurrency exchange will stop trading in ether due to upcoming updates to Ethereum 2.0

Coinfloor exchange plans to exclude ETH from the list of trading instruments, citing the uncertainty of future Ethereum hard forks and the difficulties with technical support for this cryptocurrency.

The first cryptocurrency exchange of Great Britain intendsabandon the air on January 3, 2020, shortly before the launch of the Ethereum 2.0 protocol. The upcoming platform update is moving from a proof of work (PoW) algorithm to proof of ownership (PoS).

According to representatives of the exchange, such technical experiments of developers may drag on for years and regularly lead to network outages, which will become burdensome for retail traders.

Coinfloor CEO Obi Nvosu saysthat frequent updates of ethereum force the exchange to constantly make changes to its platform, which brings more headaches than benefits. Adding that the rejection of the air will allow them to focus on the bitcoin market, which is in much greater demand, and this year proved to be much better.

In addition to ETH, Coinfloor also intends to stop supporting bitcoin cache.

In addition to the British exchange, the creator of BitTorrent also criticized Ethereum's development plans.