Coinfloor Becomes First Publicly Auditable Bitcoin Exchange

UK-based bitcoin exchange Coinfloor has announced some new updates, including an over-the-counter (OTC) market for large, institutional bitcoin traders and a “proof of solvency” audit process, according to CoinDesk.

Part of the process will be making Coinfloor “publicly auditable”, that way users can validate the company’s records and compare them to the bitcoin ledger.

“With a market cap greater than $5bn, but a 24-hour global trade volume of less than $100m, bitcoin markets need to make concerted efforts to facilitate a much higher level of liquidity in order for the currency to succeed,” CEO Mark Lamb said.

To date, Coinfloor is the only UK-based bitcoin exchange, although others are reported to be in development.

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