Bitspark Partners with BitGo For Security, Reports Six Figure Investment

Hong Kong-based Bitspark has partnered with BitGo to use its multisignature wallet service to secure client funds.

Bitspark’s stated offerings include a cryptocurrency exchange supporting multiple fiat and crypto currencies, a remittance service, merchant integration and loans. In the current limited beta mode, there are no trading fees on the exchange.

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In January, it launched its low-fee remittance service for Indonesia. The company says that Hong Kong has a large remittance market, and its services could see demand from migrant workers looking to send money back home. It is also said to support remittances to the Philippines, where it reportedly has 30 physical locations available for pickup.

Multisignature technology, among other enterprise tools provided by BitGo, vastly decrease the chances of successful attack or theft by a prospective hacker.

Bitspark also pointed to the insurance on holdings secured by BitGo. In February, BitGo entered an arrangement with Innovation Insurance Group LLC whereby paying clients are insured against theft or loss of up to $250,000, with additional coverage available for a fee of 1% annually.

The startup is also said to have secured funding on the scale of six figures from “prominent investors in the Hong Kong FinTech community”, their identities or the exact amount being undisclosed. The reported funding will go toward growing the team, expanding to new regions and bringing new services to the market.