Coinfloor sets eyes on Bitcoin only services from Q1 2020

We are excited to announce that Coinfloor will focus on providing Bitcoin only services from the 3rd of January 2020, on the 11th anniversary of Bitcoin’s launch. The decision will allow Coinfloor to provide a richer set of services for the world’s leading cryptocurrency while maintaining focus on simplicity. Over the short-term, the business’s aim is to strengthen its position as the UK’s number one Bitcoin exchange. During 2020 and onwards, we will expand our product offering to focus on our long-term vision of being the leading provider of financial services that facilitate the Bitcoin economy.

Part of this drive will see Coinfloor delist Ethereum, the second largest cryptocurrency, from our exchange. Clients currently depositing, buying and selling Ethereum on the platform will not be able to do so from 3rd of January 2020. Ethereum custody and withdrawals will continue beyond this date but will incur an increased administrative fee.

Speaking of the move to focus on Bitcoin and delist Ethereum, Obi Nwosu, Founder & CEO of Coinfloor said: “Since I first came across Bitcoin in 2011, I have seen it grow to become a mature proven currency. No other cryptocurrency currently comes close to Bitcoin’s track record, industry support, or brand recognition, so focusing on Bitcoin made perfect sense. Bitcoin is the dominant decentralised, value-driven, and inflation proof cryptocurrency, which gives it the potential to become the best form of money the world has ever seen”.

He adds: “The ecosystem of businesses and consumers using or holding bitcoins is growing every day as more people start to recognise its worth. Coinfloor has the opportunity to create financial services that not only meet the Bitcoin ecosystem’s needs, but also contribute to making this future form of money available to everyone. That being said, we continually look to identify other cryptocurrencies that provide a differentiated proven value proposition, have a strong capable community of supporters, and maintain a focus on decentralisation and censorship resistance.”

The Coinfloor Team

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Provable Solvency Report #69 – December2019

Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular audits. Without proper public accountability, the industry will not be able to grow and mature. This is why we are committed to releasing a
Provable Solvency Report every month. Coinfloor is proud to have the longest standing track record among bitcoin exchanges in regards to auditing.

Today we are publishing our 69th monthly Provable Solvency Report with step-by-step
validation instructions for your convenience.

As of today, Coinfloor holds a total of
3,778.6544 XBT on behalf of our clients. You are invited to verify that your held bitcoins are included in this balance by following the instructions below.

What does the Provable Solvency Report include?

We started out by creating an obfuscated report of all current client balances (the Solvency Report) and then generated a
SHA-256 hash of this report.

We then created a bitcoin transaction to ourselves, that includes all currently held client bitcoins, for a value of
3,796.9854. XBT. The output of the script also includes the
OP_RETURN of the SHA-256 hash of the report, proving that at the time of making the solvency report, Coinfloor held all of our clients’ XBT funds. You can
verify the amount and details of the transaction on the blockchain.

Key Pieces of information:


Provable Solvency Report #69 (December 11th, 2019):

https://s3-eu-west-1.amazonaws.com/provablesolvency/+solvency_20191211.txt

SHA-256 Hash of the Provable Solvency Report: EAA1319D7706E3F02E74635E8F0D067B53E9112FDB35E53CA28CF7457C30B10F

Transaction ID: 2129f845fb83b8ede7fbe35da5cb5fe8447f372aee4af2ec97a22dff7a615ef6

View the transaction here:

https://explorer.bitcoin.com/btc/tx/2129f845fb83b8ede7fbe35da5cb5fe8447f372aee4af2ec97a22dff7a615ef6

Your API authentication cookie:

You will find it in My Account > Dashboard in the Coinfloor signed in view, in the API section (visible only for fully verified accounts).

Instructions for Validating Solvency Report:

1. Open the Provable Solvency Report file:

https://s3-eu-west-1.amazonaws.com/provablesolvency/+solvency_20191211.txt

2. Go to

https://passwordsgenerator.net/sha256-hash-generator/ or to your SHA256sum calculating application.

Copy the entire contents of the solvency report (including any leading or trailing spaces or blank lines) into the SHA-256 generator and calculate the SHA-256 hash of the report.

3. Go to

https://explorer.bitcoin.com/btc/tx/2129f845fb83b8ede7fbe35da5cb5fe8447f372aee4af2ec97a22dff7a615ef6

Click on the `SHOW ADVANCED` switch to view the OP_RETURN, where you will find the hash generated in the previous step matches the hash in the OP_RETURN output script of the transaction that includes all customer bitcoins.

Instructions for finding your account balance within the Solvency Report:

1. Go to

your local SHA1sum application

to calculate the SHA-1 digest of a message consisting of the timestamp shown at the top of the Solvency Report (1576068671) and your API authentication cookie.

Example (Linux):

    timestamp: 1576068671

    API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwEkTV3BQek=

    command: echo -n ‘15760686719BTa7M0Z/Mrk6tFMJwEkTV3BQek=’ | sha1sum

(the command may differ depending on the SHA1sum application used)

2. Find the resulting hash in the solvency report. Your balance is shown on that line in satoshi units. 1 bitcoin = 100 000 000 satoshis. For your convenience, here is a link to a bitcoin unit converter:

http://www.satoshi.24ex.com

We believe that this approach is the best way to achieve maximum accountability whilst retaining privacy for our clients. We welcome your feedback and hope that in time, other exchanges will also help safeguard client funds by providing proof of solvency reports to their users on a regular basis.

Thank you for your trust,

Coinfloor Team

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