Bitcoin exchanges are among the few companies who do not necessarily pivot their business model over time. Taurus, a company founded back in 2014, is doing something different, though. The company will steer away from professional day trading in favour of a more mainstream approach. A rather refreshing turn of events, as it goes to show mainstream users want easier access to cryptocurrency right now.
It is quite interesting to see Taurus change their business model in a positive manner. Unlike Circle, who want to focus more on everything non-Bitcoin right now, Taurus is all-in on cryptocurrency. In fact, they are one of the few companies openly steering away from professional day trading. The majority of Bitcoin trading is day trading and speculation, and there are plenty of platforms for this type of activity.
Taurus Halts Online Bitcoin Exchange Service
To be more precise, Taurus will focus more on mainstream users. Making Bitcoin more accessible to buy and sell is the number one priority right now. The decision is a result of analyzing data between 2014 and early 2017. With over 4,000 users making use of the Taurus platform, the company received a solid pool of data analytics to make a calculated decision in this regard.
Come February 1st, Taurus will become a premium concierge service for direct brokered Bitcoin sales. Clients will be able to buy and sell bitcoins over-the-counter at flat rates, which will improve the global appeal of cryptocurrency. It appears the company feels Canada is warming up to Bitcoin, and an exciting future lies ahead. It remains to be seen how this business pivot will turn out. Making it easier for mainstream users to get involved in Bitcoin is a positive thing, though.
All Taurus clients are advised to withdraw their funds before February 1st. The current platform will shut down entirely and be replaced by the OTC offering. It is quite interesting to note Taurus refers their clients to QuadrigaCX for limit and market orders. Then again, there are other online Canadian Bitcoin exchanges to choose from. Always do your own research before following someone’s advice blindly.
Sadly, the departure of Taurus means the online Bitcoin exchange market in Canada shrinks again. Although there are multiple companies still active today, it seems like surviving is becoming more difficult every year. In the end, the company is not going away entirely, and simply explores a different business model.OTC Bitcoin buying and selling can help push cryptocurrency adoption to mainstream levels over the next few years.