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Bitspark and its closedown saga
NEWS

Bitspark and its closedown saga

Bitspark is a Hong Kong based payment and remittance startup that was established or came to life 2014 pioneering the world’s first cross border cryptocurrency remittance service. It host as a web and mobile platform that is used to issue or make payments and remit funds from one entity to another using cryptocurrencies across several countries in the Asian-Pacific (APAC) region.

bitspark

Last year April precisely Bitspark launched stable coin tied to the Philippine peso (PHP) and it was adopted by a solar technology startup where it was applied to provide autonomous solution based on solar energy for remote regions, they also partnered with numerous remittance shops across seven countries including Malaysia, Ghana, Nigeria, Indonesia, Vietnam and Pakistan by integration their customer bases.

It didn’t stop there as the Hong Kong based startup received investment as part of a partnership with Reinsurance Group of America (RGAx) in 2017 a fortune 500 company. Bitspark also conducted an initial coin offering amid the ICO hype of 2017, whereby launching its Zephyr (ZEPH) token ICO.

The crypto space was greeted with the news of the Hong Kong startup closing shop yesterday citing internal restructuring issues as one of the reasons for closure. Bitspark co-founder and CEO George Harrap officially announced the platforms plans to shut down its services on March 4, 2020. This won’t disturb Bitspark users from being able to withdraw their funds in cryptocurrencies on or before March 4 as the platform will still be functioning till then and after the only operation to be carried will be the withdrawal of funds via Bitspark customer support. As emphasized by the company’s CEO Harrap, the closure comes despite Bitsparks untainted performance since the roll out of its new remittance service cash point in the year 2019 this saw a 400% month to month growth after the release of the product.

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Bitspark as a major blockchain- powered Fintech services company for the Asia-Pacific regions had its restructuring woes and eventual closure coming a month after co-founder Ryan announced her intention to step down as chief operating officer (COO) her decision led to internal restructuring woes and this has been much fueled by the recent outbreak of coronavirus in china alongside the prolonged anti-government protest in Hong Kong.

In a twitter thread Ryan confirmed the reasons for the closure as the inability to restructure efficiently accompanied with landscape of Hong Kong protest and the outbreak of the coronavirus where the head quarter of Bitspark is located, she also went further to say the closure was the best way decided by the team and shareholders to prevent integrity decay of the firm.

In all these Ryan still expresses strength and optimism in the future of blockchain and cryptocurriences and for people not to get discouraged by the closure of the company.

 

coinmag

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