Bitspark, a Hong Kong-Based Startup, Offers Insights for Libra’s Banking the Unbanked Visions

Bitspark is the only remaining project out of the many other similar projects that had sought to provide financial services, e.g., money remittance to the unbanked populations across the world.

If Libra, the project by Facebook is serious about its mission to provide similar services to the more than 1.7 billion unbanked people in the world, then this startup may be able to provide some insights.

The startup was unveiled in the year 2014 and managed to raise around $1.3 million during its 2017 ICO. According to Maxine Ryan, a co-founder, its remaining crypto has continued to appreciate to amount to $2.8 million worth of BTC.

Slow Growth

Maxine points out that much of its expenditure has been spent on its personnel, which comprises a team of 20 people. Operations have also taken up a chunk of its finances. However, compared to other projects, this startup has not spent much on community grants or marketing.

Bitspark currently operates in Vietnam, Hong Kong, Indonesia, and the Philippines. The co-founder noted that the startup has put in motion plans to expand in the coming year. Its expansion will help it open up two more centers in Hong Kong and 35 more in the Philippines.

The expansion is thanks to a deal the startup entered into with Calimex, the fast-food chain. According to Calimex owner, Jordan Moss:

“While it's still in the early stages of the launch phase, we have seen a meaningful uptick of 3–5 percent in transactions,”

“becoming a Bitspark cashpoint has opened up the opportunity for a new revenue stream as well as facilitating cross-selling with Bitspark’s members and the crypto community in general. While coming in to use the cashpoint, we encourage customers to stay and enjoy a burrito or a margarita.”