Crypto exchange service provider Bitspark is shutting down next month despite reporting exponential growth following the launch of its cash point product. The CEO of the company explained that its internal restructuring has not worked out but insisted that the ongoing protests in Hong Kong and coronavirus outbreak have not affected his platform much.
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Bitspark Closing Shop After 5 Years
Hong Kong-based crypto exchange and remittance service provider Bitspark announced on Tuesday that it is shutting down on March 4. CEO George Harrap explained:
This decision was not taken lightly, particularly due to the excellent performance we have seen since the release of our Cash Point product late last year which has seen 400% MoM growth.
There will be limited services between now and the end of March 4. The CEO added that customers can contact the company directly and request a withdrawal “if their Bitspark account or DEX wallet (with sparkdex assets) still has a balance.” He clarified, “Liquidity will remain on the Bitspark markets until 4 March and the final ZEPH buyback will be an order on the order books as of today.” After March 4, account logins will be disabled for a period of 90 days.
Company Says Business Was Going Well
Prior to this shutdown announcement, Bitspark had been working on launching several projects. On Dec. 27, the company highlighted in a year-in-review post that it had 144 trading pairs in 12 currencies and had issued stablecoins in HKD and PHP. In addition, it claimed to have had a steady stream of inbound customers from over 30 countries. “Next year, as we integrate with ERC20, Bitspark will be the primary provider of cash-to-crypto services for everything related
