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Crypto exchange Coinfloor to launch a simplified bitcoin buying service

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Thu, 20 Feb 2020, 04:53 am UTC

U.K.-based crypto exchange Coinfloor is going to launch a simplified bitcoin buying service target at novice traders and hodlers, CoinDesk reported.

The “Auto Buy” service will be launched next month as part of Coinfoor’s “No BS” campaign for crypto. CEO Obi Nwosu told the news portal that he wanted to educate new users and provide them full transparency through monthly proof-of-custody audits of all the coins stored on the platform.

“There are maybe 5 percent of people who are either trading professionals or who like to speculate – for them high-volatility trading is fine. But we want to make the exchange for the other 95 percent who don't want their currency to be volatile. Our idea is to try and make buying bitcoins boring,” said Nwosu.

Auto Buy uses dollar-cost averaging to allow users who are uncomfortable with bitcoin’s volatility to buy the digital currency in small amounts regularly spread over a long period of time. Once the mechanism is set up, the purchases will be done through bank transfer using the Faster Payments system.

Nwosu said that the customers can buy bitcoin on a regular basis at an amount that’s very comfortable with them as they can start with as little as $13 per week.

Coinfloor has been releasing monthly audits for six years already which includes a time-stamped and transparent list of balances being held for its customers.

Meanwhile, crypto exchange FCoin is likely to default after falling short of its liability by about 7,000 to 13,000 bitcoins ($68 million to $130 million). Zhang Jian, former Huobi CTO and founder of the exchange, admitted that the errors in data and decision were to blame.

Commenting on the debacle, Nwosu said that FCoin "was insolvent. Maybe for over a year. Bitcoin audits would have solved this."

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