Hong Kong-based Bitcoin service provider Bitspark says it will be closing its exchange, instead focusing on its remittance services, which it says have been taking off.
Bitspark’s stated offerings had included a cryptocurrency exchange supporting multiple fiat and crypto currencies, a remittance service, merchant integration and loans. The exchange had been in limited beta mode and did not charge any fees.
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Bitspark positioned the closure as an opportunity to refocus on remittances, which it says are supported in Philippines, Indonesia, Australia, Hong Kong and China. In general, Bitcoin has proven a useful tool to realize substantial savings for cross-border payments. Bitspark says it will be launching a prototype of a new product at the 2015 Innotribe Semi-finals in Singapore.
Recently, the startup reinforced its Bitcoin storage capabilities by leveraging BitGo’s multisignature wallets, which are designed for enterprise operations.
Customers have been given 30 days to withdraw funds. Wallets and details would be archived after this period.