Hong Kong-based blockchain startup Bitspark has announced its closure, citing internal restructuring issues.
On Feb. 3, co-founder and CEO of Bitspark, George Harrap officially announced the platform’s plans to shut down its services on March 4, 2020.
According to the statement, Bitspark users will be able to withdraw their cryptocurrencies from Feb. 3 to March 4 as the platform’s functionality will stay intact over the period. After March 4, account logins will be disabled for a period of 90 days, with users being able to withdraw their funds via Bitspark customer support, the announcement reads.
Harrap emphasized that the firm’s abrupt closure comes despite the “excellent performance” that Bitspark has seen since the release of its new remittance service Cash Point in 2019. According to Harrap, Bitspark saw a 400% month-over-month growth after releasing the product.
Bitspark’s closure comes a month after its co-founder Ryan announced her intention to step down from her position as a chief operating officer:
In a Twitter thread on Feb. 3, Ryan confirmed Bitspark’s reasons for the closure:
Ryan still emphasized that Bitspark’s closure does not mean that the crypto and blockchain industry is in decline: