Bitspark has launched its bitcoin-powered remittance service for Indonesia. Also supporting the Philippines with 30 physical locations for pickup, it claims to be the first company of its kind to support multiple countries.
The startup is based in Hong Kong, where it says sizeable populations of migrant workers send money back home to their families.
Over the past year, Bitcoin has been leveraged by a number of startups looking to bring down the cost of remittances. They point to the relatively large cut taken by traditional providers like Western Union and MoneyGram.
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Already offering lower fees, Rebit.ph recently slashed its rate to 0%. In a sense, the market may be going through a transition from high rates controlled by a cartel of providers to a cut-throat pricing war.
Bitspark reportedly charges customers sending funds to Indonesia HK$25 (US$3.22), and to the Philippines, HK$15 (US$1.93).
And like Rebit which reported increased enterprise interest as it experienced steep growth, Bitspark says it is now transferring more money for companies than for individuals.
Unique to Bitspark is its apparent acceptance of multiple altcoins: litecoin, dogecoin, peercoin, blackcoin, cloakcoin, nubit, cannabiscoin, darkcoin, vericoin, magicoin and viacoin.