Crypto Remittance Service Bitspark To Shut Down March 4th Due To Internal Challenges
Bitspark, a blockchain remittance start-up company based in Hong Kong has made known its intentions to wind down operations. According to sources within the company, the abrupt decision to stop operating was made as a result of internal restructuring matters.
George Harrap, the CEO and Co-Founder of Bitspark formally announced on the 3rd February that the company would formally cease its operations on 4th March 2020. The CEO released a statement indicating that Bitspark customers would be allowed to continue withdrawing their assets.
Important update: Bitspark will be closing its doors as of 4 March 2020
More info here: https://t.co/llHVRcPW0d
— Bitspark (@BitsparkLtd) February 3, 2020
Withdrawals would be processed from 3rd February to 4th March. The platform is expected to remain fully functional during this period. The announcement goes on to read that all active logins would be disabled on March 4th for a period of ninety days.
Customers who haven't withdrawn their cryptocurrencies by then will only be able to do so by contacting customer support. The CEO noted that the abrupt decision to close the platform had come at a time when Bitspark was experiencing an excellent run.
Harrap pointed out that its recent performance has been among the best it has experienced in a while. He added that the platform had, since its launch noted a four hundred percent month-over-month growth from the time when it introduced the remittance service cash point.
Political Turmoil Complicates Restructuring
Bitspark was co-founded by Maxine Ryan and Harrap in 2014 and went on to become an important blockchain-powered financial company operating in the Asia-Pacific region. It serviced countries such as Indonesia, the Philippines, and Vietnam.
The closure has come a month after Ryan, its co-founder made known her intentions to leave her position as the company’s COO. The announcement goes on to state that the decision made by Ryan brought about internal restructuring problems that have so far been worsened by the emergence of the Coronavirus which continues to ravage parts of China.
set out to do, does as you planned but everything has their limits.
Bitspark hit ours.
• What caused the closure.
As of a month ago, I made the decision to step down from my position as COO of Bitspark. 3/
— Maxine Ryan (@MaxieRyan) February 3, 2020
It also adds that the recent protests held in Hong Kong against the government have not helped matters. And this is what has led to the decision to close down Bitspark. The announcement reads:
“Unfortunately due to internal restructuring that hasn't worked out, and a decision taken by shareholders internally, we have made the decision to close our doors. While the HK protests and now virus epidemic haven't affected us much, it hasn't helped either.”