HK-Based Crypto Startup Bitspark to Close its Doors Soon

HK-Based Crypto Startup Bitspark to Close its Doors Soon

by February 5, 2020

In a blog post written by its founder George Harrap, Bitspark announced that it will be shutting down as of March 2020. They attributed the decision to an “internal restructuring that hasn’t worked out”.

Founded in 2014, Bitspark often describes itself as a bankless money transfer solution utilising blockchain technology. In 2019 the company experimented with stablecoins launching what they claim is the first HKD-pegged and Philippines Pesos pegged stablecoin in the market.

In a Twitter thread, its co-founder Maxine Ryan attributed her decision to step down at BitSpark’s COO as one of the factors that led to the closure of the 6-year-old company.

She further added that with her decision to step down alongside with Hong Kong being hit with protests and the coronavirus, the team and shareholders decided that this was “the best way forward to prevent integrity decay of the company”

Over the period of the 3rd of Feb to the 4th March 2020, functionality will remain intact for Bitspark’s customers to withdraw their crypto. Subsequent to that, account logins will be disabled, for a period of 90 days after the 4th of March.