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Coinfloor has raised $340K across 1 funding round.
Key people at Coinfloor.
Coinfloor has raised $340K in total across 1 funding round.
Based in London, United Kingdom, Coinfloor operates a cryptocurrency exchange platform that enables European retail investors, corporate entities, and institutional brokers to securely buy and sell bitcoin. The organization generates core revenue through transaction fees applied to trading volumes and distinguishes itself as an early adopter of blockchain-based proof of solvency to provide publicly auditable financial records. During its early stages of operation around 2015, the platform facilitated digital asset trading volumes approaching £1 million per month. Coinfloor has raised $0.1 million in seed venture capital funding from notable industry backers, including the venture firm Passion Capital and TransferWise co-founder Taavet Hinrikus. To support its operations, the enterprise secured a formal cryptocurrency exchange license within the regulatory jurisdiction of Gibraltar. Coinfloor was founded in 2013 by Mark Lamb, Amadeo Pellicce, James McCarthy, and Obi Nwosu.
Coinfloor has raised $340K across 1 funding round. Most recently, it raised $340K Series U in June 2014.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jun 1, 2014 | $340K Series U | — | — | Announced |
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]
Key people at Coinfloor.
