This could be one of the biggest developments in the recent past for the London’s Bitcoin exchange Coinfloor as it launches the world’s first exchange-backed peer to peer Bitcoin marketplace. It will be called Coinfloor market and expected to connect consumers and investors with professional Bitcoin brokers.
In the announcement the company says that the world’s first broker based Bitcoin marketplace offers UK retail investors and consumers the ability to buy Bitcoins and gain exposure to digital currency innovation in a secure environment. Nonetheless, before the launch Coinfloor met with the UK’s top Bitcoin brokers in order to further adoption of the currency.
Looks like the company is all set to promote the digital currency the big way as the 21 founding members of Coinfloor Market signed a pledge committing to create a safe and accessible marketplace for Bitcoin. Interestingly, the Bitcoin Brokers’ Agreement closely mirrors the Buttonwood Agreement that formed the foundation of the New York Stock Exchange.
Though Buttonwood Agreement had faced similar challenges to today’s Bitcoin marketplaces, later on it became a milestone in the history of finance. Elaborating the point, Coinfloor CEO, Mark Lamb said that their founding members are key to the success of Coinfloor Market as were the NYSE for decentralized network of brokers backed by a centralized exchange.
He also added that Coinfloor is the first institution in the Bitcoin industry to mirror this proven model. The company has been analyzing the challenges for Bitcoin adoption since the very beginning of the engagement in the industry and it discussed with various brokers, consumers and retail investors and found that everyone benefits from a broker-exchange model.
Will Eliminate the Exchange Rate Risk
Nonetheless, the press release from the firm says that consumers and retail investors get a more personal quality of service, local payments in the UK and faster transactions. Additionally, brokers no longer need to focus on sourcing liquidity and can focus on improving their service and expanding their business.
The company informs that Coinfloor Market also eliminates the exchange rate risk associated with keeping multiple currency accounts and believes that these benefits all emerge from the trust, security and reliability that Coinfloor has built over the past 2 years.
Nonetheless, as Coinfloor Market and the introduction of professional Bitcoin brokers is the next step for Bitcoin’s adoption, the company is moving away from the ‘Wild West’ of Bitcoin towards safe and accessible structures.
To contact the reporter of this story: Deepak Tiwari at email@example.com